OpenPayd, the global payments and banking-as-a-service (BaaS) platform has teamed up with TrueLayer to enhance its instant payment solutions, enabling secure account-to-account payments across the UK and Europe.
The collaboration aims to improve user experience as well as increase conversion rates for real-time fund deposits. This move also reflects the growing adoption of open banking and innovation in payment services.
OpenPayd will leverage TrueLayer’s payments network throughout the UK and Europe to enable secure and instant account-to-account (A2A) payments for its global client base. OpenPayd’s clients can offer pay-by-bank functionality seamlessly integrated into their payment infrastructure through the OpenPayd API integration.
By enabling this functionality, their underlying customers can also initiate payments and authenticate the payment directly via their banking app.
Barry O’Sullivan, head of banking and payments infrastructure at OpenPayd, said: “Our partnership with TrueLayer marks an important step in OpenPayd’s growth strategy. We’re building a payments platform to give our clients access to any payment rail they need, where they need it. This collaboration is the next step in delivering fast, user-friendly payment journeys to our clients and their underlying users.”
While Mariko Beising, VP financial services and partnerships at TrueLayer, also added: “At TrueLayer, we firmly believe that the future of payments is built on open banking. It enables the development of new solutions in payment services that foster growth, innovation and provide better solutions for consumers and businesses. We’re excited to collaborate with OpenPayd to deliver better payment experiences to its clients.”
Over one in nine Brits now use open banking services, as well as 17 per cent of small businesses. The rapid rise in adoption is testament to the power of open banking technology to empower innovation, increase productivity, create efficiencies, as well as reduce costs.
