TrueLayer, a computer software company that enables companies to capitalize on new open banking initiatives in the UK, announced on Wednesday it has formed a new partnership with ANNA Money. According to TrueLayer, the partnership will enable ANNA to provide its customers with enhanced open banking-based services including account aggregation and financial data which will make VAT calculations via its assistant app much faster and easier.
“This partnership is another great example of Open Banking working exactly as it was envisioned. ANNA is now able to offer two additional services that its customers will find incredibly useful. As we’ve handled the regulatory and technical challenges surrounding the Open Banking APIs, ANNA’s team have been able to dedicate all their time and resources to enhancing their product. We’re looking forward to working closely with ANNA on more integrations which will provide even more services to its customers.”
Nikita Filippov, Chief Product Officer at ANNA Money, also commented:
“Companies from start-ups to the established have engaged Open Banking technology with varying degrees of usefulness. It appears the majority of implementations are doing the basics in allowing access to transaction data from multiple sources. But we at ANNA don’t think any of this goes far enough to serve customers with anything particularly useful or different. By partnering with TrueLayer we’ll be able to offer new, really useful applications of Open Banking. Or as we call it – Open Banking Plus.”
TrueLayer then added that open banking API’s already enables ANNA to simplify and streamline the on-boarding process and in the future, with TrueLayer as a partner, ANNA anticipates delivering a range of new features which help users from processing invoices automatically to collecting data from multiple bank accounts and Making Tax Digital (MTD) integration.