TrueLayer teams up with Cazoo to power open banking payments and refunds

Fintech has a habit of bleeding into other sectors and this latest partnership is a prime example.

Financial API provider TrueLayer has joined forces with online car retailer Cazoo to improve its payment and refunds platform, using the power of open banking.

Under the new partnership, TrueLayer will help Cazoo streamline its services, making it easier for customers to order and pay for products online and for Cazoo to issue refunds.

“With refunds there is a high level of financial anxiety if you don’t get thousands back in your bank account right away,” Jonathan Howell, chief technology officer at Cazoo said.

“The ability to return that money in a quick, transparent and frictionless way creates a superior customer experience. Open banking, delivered by TrueLayer’s technology, provides us with that.”

TrueLayer is helping Cazoo to overcome costly issues most commonly associated with traditional card payments—with customers no longer needing to worry about issues like payment limits, fraud and slow refunds.

“Cazoo appreciates that consumers are increasingly dissatisfied with the traditional ways of buying or selling a used car. They’re an industry innovator, determined to make the end to end process, including the checkout and payments, as hassle-free as possible,” Roger De’Ath, head of eCommerce at TrueLayer, added.

“With TrueLayer supporting instant bank payments for purchases and the ability to process instant refunds through PayDirect, it has created an incredibly powerful proposition.”

Cazoo’s new payment system will be powered by TrueLayer’s open banking payment method, PayDirect.

Through PayDirect firms can 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.

TrueLayer has been on the expansion offensive recently, as well as announcing its new European headquarters the fintech also expanded into France with the appointment of its first French country manager.

Clement Boulais, former head of startup engagement for La French Tech, the French Economy Ministry’s quango for promoting its startup sector, will be leading the charge across the Channel as TrueLayer looks to achieve European domination.

The two new executive appointments come just months after TrueLayer scooped an additional $70m in funding from Addition and others, cash it earmarked for accelerating its global expansion plans, as well as developing its premium open banking services