TrueLayer launches new Open Banking powered payment method for replacing cards

Source: TrueLayer​

TrueLayer​, the technology company building financial infrastructure that’s open to everyone, today announced the launch of PayDirect, a new payments method enabling any firm to create streamlined, secure, and cost-effective onboarding and payments processes.

Today, identity and verification flows and card-based payments typically generate avoidable friction along the customer journey, affecting adoption and retention rates and generating unnecessary costs. The introduction of Strong Customer Authentication (SCA) this year adds another layer of friction to cards with workarounds that deliver a poorer customer experience.

TrueLayer believe PayDirect is the answer to those issues, enabling firms to stay compliant while delivering a frictionless customer experience. Built on open banking and the fastest available bank payment rails, it provides firms with instant payments and withdrawals, while accelerating KYC and AML processes, to deliver the most complete solution on the market.

“As customers experience seamless digital services in other aspects of their lives, their expectations for financial services are also changing. PayDirect builds on our payments expertise to further streamline onboarding, deposits and withdrawals to deliver an experience that is fit for the digital age,” commented Ossama Soliman, Chief Product Officer at TrueLayer. “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 while automatically complying with AML regulations is hugely beneficial to both the customer and the service provider.”