TrueLayer Taps the Power of Open Banking to Launch PayDirect

https://finovate.com/truelayer-taps-the-power-of-open-banking-to-launch-paydirect/
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Financial app building platform TrueLayer has long been using the power of open banking to facilitate payment activities. Today, the U.K.-based company is taking another step to make the online payments experience even easier with the launch of a new payments product, PayDirect.

PayDirect combines open banking with Europe’s payment rails to offer a customizable solution for instant payments, instant payouts, and smoother payment reconciliation.

“PayDirect builds on our open banking expertise to streamline onboarding, pay-in and payout, to help operators deliver an experience that is fit for the digital age,” said the company’s Chief Product Officer, Ossama Soliman.

Because PayDirect relies on open banking and Europe’s fast payment rails, the solution circumvents many of the headaches associated with traditional card payments. Cards can expire, require manual entry, and are subject to spending limits. These hurdles generally result in an 85% success rate. PayDirect, in comparison, has a 96% success rate. PayDirect also eliminates chargebacks and reduces fraud by authenticating via biometrics directly with the consumer’s bank.

Here’s how the checkout experience works:

Financial services companies that use PayDirect benefit from a single interface for onboarding users, receiving instant deposits into their account, and providing instant withdrawals. Customers, on the other hand, benefit from low risk of fraud, faster refunds and withdrawals, less false positives during fraud checks, and a faster checkout experience.

Founded in 2016, TrueLayer is best known for its payments API that helps financial services companies provide online payments, bill payments, and account top-ups.

The company has offices in five countries across the globe, including London, Sydney, Milan, Hong Kong and Dublin. Francesco Simoneschi is co-founder and CEO.


Photo by Isaque Pereira from Pexels

https://finovate.com/truelayer-taps-the-power-of-open-banking-to-launch-paydirect/