Name: Build better ecommerce checkout experiences with open banking
Uploaded: 2021-04-26T07:37:14.000Z
Duration: 1 h 1 min 29 s
Description: Build better ecommerce checkout experiences with open banking

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### Open Banking Solutions
Users consistently praise TrueLayer's open banking capabilities, highlighting the ease of integration and reliability of the service. While some users appreciate the quick support and stable API that simplifies the complex nature of open banking, others express concerns about occasional downtime and challenges with certain banks not being fully updated. Despite these minor drawbacks, TrueLayer's open banking solutions are widely regarded as a valuable asset for businesses looking to streamline payment processes and enhance customer experiences through secure and efficient banking data sharing.

### Banking and Financial Institutions Connectivity
Users appreciate TrueLayer's efficient and reliable banking and financial institutions connectivity, highlighting its ease of integration and use. The platform's ability to streamline connections with multiple banks and financial institutions worldwide through a simple API has been commended for simplifying complex processes. While some users express a desire for TrueLayer to expand its integration with more banks for open banking access, overall, the sentiment leans towards positive experiences with the platform's connectivity solutions.

### API and Developer Tools
Users appreciate TrueLayer's API for its simplicity and reliability, making integration onto platforms a smooth process. The clear documentation and prompt support further enhance the developer experience. However, some users have expressed concerns about occasional downtime with bank APIs, impacting the ability to connect to banks. Despite this, the majority of reviewers find TrueLayer's API and developer tools to be effective and user-friendly, with a strong emphasis on ease of integration and operational stability.

### Technical Support and Documentation
Users consistently praise TrueLayer's technical support and documentation resources. The feedback highlights the ease of integration, simplicity of the API, and the clarity of the documentation provided. Reviewers appreciate the prompt support, clear developer documentation, and the stability of the API, which simplifies the complexities of Open Banking. The general sentiment leans towards a positive experience with TrueLayer's technical support and documentation capabilities, indicating a strong foundation for developers to work efficiently and effectively.

TrueLayer's product has been instrumental in transforming the way businesses operate and improving the customer experience. Users have been able to automate payments to customers, streamlining their operations and saving valuable time. The software allows for instant refunds and payments, building trust among customers and enhancing their overall payment experience. By connecting to multiple banks and financial institutions worldwide through a straightforward API, TrueLayer solves the problem of complex bank integrations, making it easier for businesses to access and leverage banking data.

One of the key use cases of TrueLayer's product is underwriting self-employed individuals by leveraging open banking data. This innovative approach is revolutionizing the traditional underwriting process, providing more accurate assessments based on real-time financial information. Additionally, users have connected their bank accounts to calculate their carbon footprint based on transactions, promoting sustainability and enabling businesses to make informed decisions regarding their environmental impact.

Another important use case is the facilitation of seamless bank payments, which has increased customer trust and popularity as a payment method. Businesses can save costs and reduce risk by eliminating the need for card payments and handling connections to multiple banks. Through its secure banking data access, TrueLayer enables users to gain insights into their finances and even receive financial compensation for their data.

TrueLayer's product has been highly appreciated for its ability to transfer money in near real-time, providing instant payments through PIS services. This has resulted in increased share-of-checkout for businesses, boosting their revenue streams. Moreover, TrueLayer's open banking integration simplifies the process of moving money into investment accounts, increasing conversion rates and assets under management.

Overall, TrueLayer's product has transformed the way businesses handle payments and access financial data. Its user-friendly interface and comprehensive features have improved the customer experience while solving critical challenges related to bank integrations and data access.

1. Occasional Downtime and Payment Issues: Some users have experienced occasional downtime with Truelayer's service, resulting in frustration for customers. Additionally, there have been reports of payments not being executed properly, leading to further dissatisfaction among users.

2. Limited Bank Support and Standardization: Several reviewers have mentioned that Truelayer supports fewer banks compared to some competitors. Furthermore, the platform does not do an excellent job at standardizing the input and outputs required by banks, which puts the burden on client apps and can be a source of frustration.

3. Weak Customer Support: Users have expressed their disappointment with Truelayer's customer support system, stating that it is weak and lacks efficiency. There have been instances where it took a while for users to get their point across, causing delays in issue resolution.

TrueLayer is a global open banking platform that aims to make it easy for anyone to build better financial experiences. Businesses of every size, from startups to large enterprises, can use TrueLayer to power their payments, access financial insights, and onboard customers across Europe, the UK, and Australia.

Wise, formerly TransferWise, from the company of the same name headquartered in London, provides international accounts and payment solutions for businesses. Wise helps businesses pay international invoices, vendors, and employees with the real exchange rate, in 80 countries, boasting cheaper rates than traditional banking options. It also helps to make faster, lower-cost payouts to all business customers, freelancers, employees, investors, and suppliers around the world.

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Wise

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Data API - Open Banking Flow - Desktop - Lloyds

A closer look at the Open Banking authentication flow of Lloyds.

Build better ecommerce checkout experiences with open banking

With the adoption of bank to bank payments on the rise across Europe and Strong Customer Authentication threatening to be a conversion killer for cards (European businesses stand to lose €57 billion in one year), payments leaders are reassessing their payments strategy.

In this webinar, you’ll learn how open banking can help you transform checkout payment experiences, increase conversion and achieve payment success rates of 95%+.

Speakers & Panelists:

Alan Moss (Moderator), MD Europe for Western Europe, Newland Payment Technology

Ollie Marshall, Managing Director, Maplin

Jiun Yi Tan, Ecommerce Lead, TrueLayer

Wol Akec, Product Manager - Payments, TrueLayer

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