Open banking platform TrueLayer is linking up with financial superapp Curve to provide a platform for customers to give more control and flexibility.
Using payments powered by TrueLayer, Curve customers will be able to make purchases via instant bank transfer using Curve’s all-in one-card. Customers will also have the flexibility to set up a recurring payment mandate for future purchases, whilst these payments will automatically sweep funds from linked current accounts for scheduled repayments for Curve Flex users.
Francesco Simoneschi, CEO and Co-founder of TrueLayer, commented: “We’re delighted to be partnering with Curve. This is another milestone in the evolution of Open Banking, with two UK innovators collaborating to bring the benefits of modern, instant payments to everyday purchases and VRP to credit repayments.
“It’s exciting to see one of the leading UK fintech businesses spearheading the next phase of Open Banking’s evolution, and we look forward to working with the Curve team, delivering a more compelling payment experience to its growing customer base.”
As part of its mission to empower customers to financial freedom, and further enhance their experience, Curve is collaborating with TrueLayer to deliver instant bank payments and recurring payments to its ecosystem.
The Competition and Markets Authority (CMA) has mandated the UK’s nine largest banks to provide Variable Recurring Payments (VRPs) that support the automatic transfer of money between two accounts belonging to the same person.
As a result, Curve customers will have far more control compared to other payment methods, with a single payment approval which aims to remove the need to re-authenticate or re-authorise transactions or high credit card fees. The payment consent is tied to the customers’ bank account and doesn’t expire until it’s revoked by them.
“Curve is delighted to partner with TrueLayer to offer our customers the best of payments innovation: greater insight to their accounts, which results in reduction of their borrowing costs, and more control over their payments,” added Shachar Bialick, Founder and CEO of Curve.
“We are excited to be pioneers again with this new technology which was incepted in the UK by the CMA, and look forward to working with TrueLayer to make sure our customers can benefit from these advancements.”