TrueLayer has launched a new feature that enables businesses to offer instant payments powered by open banking, titled Payment Links.
Accessible directly from an email, text message or QR code, a customer can use Payment Links via an online link which directs them to their online bank accounts to make the payment directly to the business. This functionality can be used either online or as part of the in-store shopping experience.
Payment Links is built to “transform the payments experience and further expand the use cases for Open Banking in retail, ecommerce and beyond”, by combining TrueLayer’s reach across Europe to accelerate the growth of Open Banking payments deeper into the mainstream.
Michael Brown, Head of Ecommerce at TrueLayer, stated: “Legacy payment options such as cards simply haven’t kept up with the experiences customers and businesses have come to expect when making a purchase. These methods take days to settle, are highly frictional and often require a lot of resources to build payment infrastructure.
“Powered by Open Banking, Payment Links are an easy to implement, instant to settle solution that will allow merchants to accept open banking payments anywhere: across their marketing channels, emails, texts and even in-store.
“TrueLayer’s payment links are yet another proof point of how open banking can be used to transform business payments and consumer experiences. It once again demonstrates TrueLayer’s commitment to pushing what’s possible with Open Banking payments.”
Payment Links aims to simplify the process of building a payments page by letting businesses create checkout pages within minutes, without the need for a website or third-party ecommerce platform integration.
Retailers will be able to use TrueLayer’s latest offering in email remarketing to target cart abandonment, businesses can use them for smoother invoicing, and charities can use them to streamline in-person donations.
Payment Links is already live with TrueLayer customers, including Topps Tiles and Solent Wholesale, to improve invoicing by automating the process via email, reducing payment processing costs and simplifying the payment for their customers, in turn increasing their cash flow.
Luke Crooks, Director at Solent Wholesale Carpets, said: “With TrueLayer’s payment links, we can automatically send invoice payment requests from our CRM, and the payments settle in real-time.
“By using TrueLayer, we’ve been able to save on payment processing costs vs cards. Plus, the end-to-end integration time took less than 48 hours.”
