TrueLayer partnership with ANNA Money lets businesses use QR codes to get paid instantly

By Aisling Finn on Thursday 19 March 2020

Digital Banking

The partnership comes just a few weeks after TrueLayer’s collaboration with Australian brokerage app Stake.

TrueLayer partnership with ANNA Money lets businesses use QR codes to get paid instantly
Image source: The ANNA Money team

Financial API provider TrueLayer has today announced it is extending its partnership with Cardiff-based business current account ANNA Money.

ANNA Money provides business accounts and debit cards, as well as financial admin, invoicing and tax support to freelancers and SMEs.

Businesses won’t need to use other payment terminals to receive payments, rather they will now be able to receive money instantly using QR codes via ANNA’s app.

The use of QR codes should significantly reduce costs and speed up transaction times and will enable businesses to better manage their day-to-day cash flow.

TrueLayer’s API payment platform was the first in Europe to enable Payment Initiation and was mandated by the EU’s Second Payment Services Directive (PSD2) regulation.

Francesco Simoneschi, CEO and co-Founder of TrueLayer, said: “We believe Payments Initiation and innovation in B2B payments is going to be one of the major trends in finance over the next few years.”

“ANNA Money’s commitment to using the latest technology to serve its customers plays a big part in making them one of the most innovative and exciting fintechs in the UK.”

Irakli Agladze, head of Open banking at ANNA Money, said: “Payments API quickly became one of the essential parts of our onboarding process for new users.” 

“Seeing how many of our new customers use OpenBanking Payments API to add the first funds to their ANNA account and start using it immediately – it was only natural that we started providing the same opportunity for B2B transactions.

TrueLayer also recently announced a partnership with Australian online brokerage app Stake to enable Stake’s customers to make transfers from their bank account without leaving the Stake app.

In the midst of the coronavirus crisis, the use of contactless payment technology will be a welcome introduction for businesses after the World Health Organisation urged customers to go contactless to avoid the spread of the deadly virus.

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