FCA-authorised FinTech firm TrueLayer has integrated with UK digital challenger Starling Bank, enabling the bank’s customers to access TrueLayer’s services through an open API.
Customers who grant TrueLayer access to their data will be able to benefit from various new services – including income verification, lending products and collated financial dashboards. Account information will only be accessible when a customer chooses to use a new product and actively agrees to share their information.
Francesco Simoneschi, CEO and co-founder of TrueLayer, commented: “This partnership will allow Starling Bank’s customers to benefit from the raft of new FinTech products and services that are launching.
“This first quarter of the year has been extremely encouraging for PSD2 and Open Banking. We witnessed a strong consumer response and a conversion rate between 50–80 per cent when in relation to sharing financial information with third party apps — that means consumers are starting to understand the benefits and have increased confidence with the new regulatory framework. Over the next few months, we’re going to see an explosion in innovation and choice.”
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