TrueLayer has launched its closed-loop payments product for businesses in several European countries.

The Open Banking platform has gone live with the system in Ireland, France, Germany, Spain, Lithuania and the Netherlands.

The payments system, built on Open Banking technology, combines instant deposits, refunds and withdrawals for businesses and allows businesses to accept these in any app or website.

The launch comes as the market for account-to-account payments heats up, with merchants and consumers pushing back against transaction fees for cards and digital wallets, as well as interchange fees, chargeback penalties and manual tracking processes.

Commenting on the launch, Till Wirth, head of product at TrueLayer, said: “With TrueLayer, FinTech firms, banks, trading platforms, crypto exchanges, ecommerce platforms and other businesses across Europe can create a better payment experience.

“Instant deposits enable our customers to achieve higher conversion rates, which improves customer acquisition. Instant withdrawals and refunds lead to improved customer retention and loyalty as customers can see the instant transfer of funds with minimal fuss or having to chase support teams asking where their money is. In contrast, settlement and refunds with cards often takes three days or more.”

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