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TrueLayer's product has been instrumental in transforming the way businesses operate and improving the customer experience. Users have …
Overview
What is TrueLayer?
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…
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What is TrueLayer?
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,…
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Product Details
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- Tech Details
What is TrueLayer?
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.
TrueLayer provides real-time access to account, balance, transaction, and identity data using open banking AIS. This real-time financial data to provide actionable advice around money management and recommend financial products. The user needs only link their account and provide verification for instant access to an account from within an app.
TrueLayer can then allow customers to pay seamlessly using a fingerprint or face ID, with no need to enter card details or create an account. Having been tested on millions of transactions, the vendor states the frictionless payment flows are optimised for conversion. But also, they can reduce the opportunity for fraud and eliminate chargebacks by authenticating every transaction directly with the bank. And ensure customer data is kept safe and secure by removing the need to store card details or passwords.
Account to account payments also means no intermediaries and no interchange fees. This can save time and remove human error by automating manual processes like issuing refunds and withdrawals or reconciling payments.
Use Cases might include:
Benefits of TrueLayer, as described by the vendor include:
TrueLayer provides real-time access to account, balance, transaction, and identity data using open banking AIS. This real-time financial data to provide actionable advice around money management and recommend financial products. The user needs only link their account and provide verification for instant access to an account from within an app.
TrueLayer can then allow customers to pay seamlessly using a fingerprint or face ID, with no need to enter card details or create an account. Having been tested on millions of transactions, the vendor states the frictionless payment flows are optimised for conversion. But also, they can reduce the opportunity for fraud and eliminate chargebacks by authenticating every transaction directly with the bank. And ensure customer data is kept safe and secure by removing the need to store card details or passwords.
Account to account payments also means no intermediaries and no interchange fees. This can save time and remove human error by automating manual processes like issuing refunds and withdrawals or reconciling payments.
Use Cases might include:
- Real-time withdrawals - Boost customer loyalty by granting instant access to funds, without having to go through lengthy verification processes.
- Instant refunds - Keep customers coming back. Automate instant refunds and give them what they want: their money back that second.
- Marketplace and platform payouts - Confirm bank account ownership and give sellers and contractors immediate access to their earnings.
Benefits of TrueLayer, as described by the vendor include:
- Boost conversion - Remove lengthy forms and the need to enter card details, enable users to pay in two clicks using a fingerprint or face ID.
- Combat fraud - Authenticate accounts and payments directly with the bank, slashing fraud and chargebacks and save 0.5% - 1% of revenues.
- Reduce costs - Say goodbye to card and interchange fees. TrueLayer uses open banking infrastructure to reduce costs by 80%+ vs cards.
- Bank grade security - TrueLayer's APIs are open banking and PSD2 compliant across Europe ensuring secure access to the financial system.
- Completely customisable - Own the customer journey end- to-end. Configure authentication flows to match the brand.
- Increase speed to market - Focus on building great products, not maintaining infrastructure. Systems are built for scale and operate with 99.9% uptime.
TrueLayer Videos
Data API - Open Banking Flow - Desktop - Lloyds
Build better ecommerce checkout experiences with open banking
TrueLayer Technical Details
| Operating Systems | Unspecified |
|---|---|
| Mobile Application | No |
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- Business Problems Solved
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.