TrueLayer, the technology company building financial infrastructure has confirmed the launch of PayDirect.
The launch sees the firm expand its offering with a new open banking-based payments method that seeks to boost the ability of iGaming firms to create high conversion and lower-fraud payment offerings.
The firm has detailed it is working with a number of iGaming operators who are embracing open banking as a more secure, cost-effective way to deliver superior player experiences.
“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,” commented 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.”
It comes as identity and verification flows and card-based payments are increasingly important, as they typically generate avoidable friction along the customer journey, affecting adoption and retention rates and generating unnecessary costs.
“The race is on to reimagine the way people pay by leveraging Open Payments architectures. We have seen in banking and ecommerce that great onboarding and payments experiences increase conversion, trust, and retention. But many payment journeys today have not been designed for a digital-first world,” added Francesco Simoneschi, co-founder and CEO at TrueLayer.
“With PayDirect we’re calling time on cards and their monopoly. We have used our experience and expertise as a leading open banking platform to design a digital and mobile-first payment product that combines instant bank payments with instant payouts, refunds and reconciliation capabilities. PayDirect delivers an effortless way to onboard new customers and enable them to quickly initiate payments and withdraw funds. It is the easiest way to create a better, safer and lower cost payments process.”
The introduction of Strong Customer Authentication (SCA) this year adds another layer of friction to cards with workarounds that deliver a poorer customer experience.