TrueLayer takes on card payments, launches own open-banking powered payment method
PayDirect could help companies sign up customers three times faster than other payment methods.
Financial API provider TrueLayer has today launched its own payment method, PayDirect.
Through PayDirect firms will be able to streamline their payments processes in just a matter of minutes, using open banking tools such as account verification, instant account funding through open banking, instant withdrawals and instant refunds.
Ossama Soliman, chief product officer at TrueLayer, said: “PayDirect builds on our payments expertise to further streamline onboarding, deposits and withdrawals to deliver an experience that is fit for the digital age.”
“The ability to quickly and easily verify a customer’s identity, and move money instantly in and out of an account using bank to bank payments is hugely beneficial to both the customer and the service provider.”
Built utilising open banking, TrueLayer claims that PayDirect customers signed up to three times faster using their system and thanks to biometric authentication that removes the need for usernames and passwords.
The fintech also claims that companies using PayDirect will experience higher payment conversion rates as payment failure rates are four times lower with PayDirect compared to cards, on average cards fail 15 per cent of the time and PayDirect fails just 3.5 per cent.
Francesco Simoneschi, co-founder and CEO of TrueLayer, added: “The race is on to reimagine the way people pay by leveraging Open Payments architectures. With PayDirect we’re calling time on cards and their monopoly.”
“We have used our experience and expertise as a leading open banking platform to design a digital and mobile-first payment product that combines instant bank payments with instant payouts, refunds and reconciliation capabilities.”
TrueLayer's new product accelerates firms' ability to meet anti-money laundering and Know Your Customer (KYC) rules, while also making the whole payments process faster.
As well as launching PayDirect, TrueLayer has also been enabling other firms to increase their open banking capabilities.