The UK government and API provider TrueLayer have agreed a deal for the latter to service private sector organisations with its Payment Initiation Service (PIS).
This deal comes off the back of a busy 12 months with $35 million funding secured in 2019, a recent deal with fellow Fintech, Revolut and the launch of its donation app to support key workers during the Covid-19 crisis.
Francesco Simoneschi, CEO, TrueLayer, says: “A new means of payment may, on the face of it, seem like minor news. However, widening the way people can make and receive payments from the Government is very important.
“A significant number of individuals simply don’t have access to credit and debit cards. This can essentially lock them out of a lot of public and business services. Payment Initiation solves this problem. It is also much faster and cheaper and if adopted across the public sector, could save taxpayers’ a huge amount of money.”
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