Fintech firm Truelayer is offering the use of its Open Banking platform for free to individuals and businesses actively involved in helping during the COVID-19 crisis.
The London startup said technology must “do its part” during this time of crisis – adding Open Banking can be a force for good for society by delivering streamlined processes, reducing costs, and enabling impactful innovation.
“As I’m writing this, the COVID-19 crisis is spreading across the world, putting people, the economy, and our society at risk.
“While scientists, doctors, and nurses are fighting on the front line, and governments are putting extreme measures in place, we think that technology must do its part to help in such a critical time,” Francesco Simoneschi, co-founder and CEO of True Layer stated.
Mr Simoneschi said the firm has been thinking of ways it can put its technology to work to support communities and the economy.
“Today, we are offering the use of our platform for free to any person or business who wants to use Open Banking to help in this time of crisis,” he added.
“Government agencies, charities, healthcare providers, app developers, hackers — we are here to help. We want to share our expertise and technology, free of charge, to anyone who wants to use Open Banking to help reduce the impact of COVID-19,”
The company believes Open Banking will be handy in supporting a number of vital use cases as the country goes into further lockdown.
These include the ability to digitally verify a person’s financial need – helping governments and companies deliver targeted aid.
This is especially helpful for the self-employed and people with multiple or variable sources of income, according to Simoneschi.
Open Banking will also enable charities to receive instant donations without incurring card interchange fees, while it can also replace cash payments with a digital alternative that is fast and secure, the TrueLayer CEO noted.
The company also anticipates legal and contracting flows will be disrupted by the pandemic, with many firms unable to identify parties in person.
As such, Open Banking may play an important role in verifying identity and bank account details digitally over the coming weeks and months, Simoneschi added.
TrueLayer’s announcement comes as the UK prepares for further social distancing measures to help contain the spread of Covid-19.
High street banks have also started to close branches, including HSBC and Nationwide.