TrueLayer launches European payments product

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.”

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.