TrueLayer, a computer software company that enables companies to capitalize on new open banking initiatives in the UK, recently announced the launch of its new TrueLayer Payments API. While sharing more details about the Payments API, the TrueLayer team stated:
“The Payments API is a new product that introduces the ability to make a payment directly from one bank account to another. Thanks to this easy to implement and unified API, you will be able to receive funds instantly(thanks to Faster Payments) from your customer’s bank account, while providing a secure user journey. This is called Payment Initiation in the PSD2 regulatory framework and TrueLayer is one of the few authorized PISPs (Payment Initiation Service Providers) in Europe — that means you can start using the API straight away.”
Some of the Payments API features include:
- Immediate transfer: The Payments API will enable users to receive funds in a few minutes (15 min on average)
- Inexpensive: Avoid high fees for online payments, especially for high-value payments — the Payments API is more convenient compared to any other payments method including Direct Debit, Debit and Credit Cards
- Streamlined: Customers don’t need to manually type in your bank account number to transfer money to you
- Any bank account: The Payments API works with any bank account in the UK whether it’s your business account (many-to-one) or third party account (many-to-many)
- Secure and fraud-proof: The Payments API requires an active authentication before any money can leave the account