TrueLayer continues to benefit from the growing adoption of Open Banking technology across Europe as the firm signs its latest partner.
The Open Banking payments provider announced its newest partner this morning in emerchantpay, an international payments service provider.
Emerchantpay will utilise TrueLayer’s Open Banking platform to offer pay by bank as a transaction method for its merchant clients in the UK and Europe.
“We are thrilled to unveil our strategic collaboration with emerchantpay,” said Mariko Christine Beising, VP Financial Services and Partnerships at TrueLayer.
“This partnership will provide crucial support for businesses in Europe and the UK to bring speed, convenience and security to the experience of navigating the realm of open banking.
“By joining forces, we aim to empower emerchantpay’s merchants in the UK and Europe to craft enhanced payment experiences for their customers.”
Open Banking is surging in popularity across Europe, and further afield in other markets such as the US, UK and Australia. Trustly, which like TrueLayer specialises in Open Banking, has reported increased usage of the tech for tax payments in the UK, for example, through its partnership with HMRC.
Against this backdrop, TrueLayer has been amassing a growing clientbase of various merchants and payments platforms. The partnership with emerchantpay follows deals signed this year with Worldline, OpenPayd and most recently CopyBet.
By leveraging Open Banking, emerchantpay hopes to reduce the risk of failed payments by cutting out manual entering of information and minimise the risk of fraud through consumer authentication of payments.
Jon Horddal, Chief Product Officer at emerchantpay, added: “Providing our merchants with an open banking payment option aligns perfectly with our vision of connecting businesses and consumers everywhere.
“With TrueLayer’s innovative open banking network, we are excited to further simplify payments for our merchants and enable them to offer their customers additional modern, secure and convenient ways to pay.”
