Two leaders in the European payments space, OpenPayd and TrueLayer, are partnering to enhance the former’s instant account-to-account (A2A) payments offering via the latter’s Open Banking platform.
OpenPayd will leverage TrueLayer’s Open Banking software to boost its A2A instant payment offering across its UK and Europe client base, seeking to deliver an enhanced user experience and improved conversion rate for depositing funds in real-time.
Barry O’Sullivan, Head of Banking and Payments Infrastructure at OpenPayd, said: “Our partnership with TrueLayer marks an important step in OpenPayd’s growth strategy. We’re building a payments platform to give our clients access to any payment rail they need, where they need it.
“This collaboration is the next step in delivering fast, user-friendly payment journeys to our clients and their underlying users.
“Partnering with industry leaders like TrueLayer, gives us the chance to bring open banking-enabled payment solutions to our clients, so they can reap the benefits of this technology.”
The service will enable OpenPayd’s clients to offer pay-by-bank functionality that is fully embedded into their payment infrastructure and delivered through API integration. By enabling this functionality, underlying customers can initiate payments and authenticate them directly via their banking app.
The rapid rise in Open Banking adoption – over one in nine Brits are using the service, as well as 80 plus banks beyond the CMA9 – is a reflection of its potential to drive innovation, increase productivity and cut costs.
Mariko Beising, VP Financial Services and Partnerships at TrueLayer, added: “At TrueLayer, we firmly believe that the future of payments is built on Open Banking.
“It enables the development of new solutions in payment services that foster growth, innovation and provide better solutions for consumers and businesses. We’re excited to collaborate with OpenPayd to deliver better payment experiences to its clients.”
