OpenPayd and TrueLayer team up to ‘deliver better payment experiences’

20 Feb 2024

Global payments and Banking-as-a-Service platform OpenPayd has partnered with European Open Banking payment network TrueLayer to enhance its instant payment solutions offering.

By leveraging TrueLayer’s payments network across the UK and Europe, OpenPayd will be able to offer secure and instant account-to-account (A2A) payments to its global client base, ultimately improving the user experience and conversion rates for its clients.

This new service will allow OpenPayd’s clients to seamlessly integrate Pay by Bank functionality into their payment infrastructure, delivered through the OpenPayd API integration, enabling customers to initiate and authenticate payments directly through their banking app.

TrueLayer and OpenPayd pointed to the rise in Open Banking adoption, with over one in nine Brits using Open Banking services and a growing network of more than 80 banks beyond the CMA9, reflecting the potential of this technology to drive innovation, efficiency, and cost savings within the financial sector.

Barry O’Sullivan, head of banking and payments infrastructure at OpenPayd, called the partnership “the next step in delivering fast, user-friendly payment journeys to our clients and their underlying users”.

“Partnering with industry leaders like TrueLayer, gives us the chance to bring Open Banking-enabled payment solutions to our clients, so they can reap the benefits of this technology,” added O’Sullivan.

Mariko Beising, vice president, financial services and partnerships at TrueLayer, echoed O’Sullivan’s sentiments, emphasising the value of Open Banking in shaping the future of payments.

“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,” she said.

Earlier this year, TrueLayer became the first company to join the European Payments Council’s SEPA Payment Account Access Scheme, or SPAA, which is set to “redefine the landscape” of A2A payments in Europe,