Open Banking platform TrueLayer has launched PayDirect, a new payments method enabling firms to create onboarding and payments processes.
The new service seeks to deliver a higher-converting, lower-fraud payments approach when compared to card and bank transfer.
The company said FinTechs, banks, trading platforms, WealthTechs, e-commerce providers and iGaming operators can use PayDirect for instant payments and withdrawals.
Identity and verification flows and card-based payments typically generate friction along the customer journey, affecting adoption and retention rates and generating additional costs.
The introduction of Strong Customer Authentication (SCA) adds another layer of friction to card payments for the consumer.
TrueLayer said PayDirect is designed to enable firms to stay compliant while delivering a frictionless customer experience.
Built on Open Banking and existing bank payment rails, it provides firms with instant payments and withdrawals, while accelerating KYC and AML processes.
“As customers experience seamless digital services in other aspects of their lives, their expectations for financial services are also changing. PayDirect builds on our payments expertise to further streamline onboarding, deposits and withdrawals to deliver an experience that is fit for the digital age,” said Ossama Soliman, chief product officer at TrueLayer.
“The ability to quickly and easily verify a customer’s identity, and move money instantly in and out of an account using bank to bank payments is hugely beneficial to both the customer and the service provider.”
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