Challenger bank Tandem has partnered with TrueLayer in a move to better connect Tandem’s 800,000+ customers to synchronize their accounts to both High Street and other challenger banks. Truelayer is described as Europe’s leading provider of financial APIs.
The integration supports all major European banks and as well as digital banks like Monzo, Revolut and Starling Bank. Tandem app users will be able to login directly to authorize which banks they would like to synchronize and can revoke permission at any time.
By using TrueLayer’s platform of Open Banking APIs, account information will be updated quickly enabling users to see all their financial information on one app.
Francesco Simoneschi, CEO and co-Founder of TrueLayer, commented on the new partnership:
“Tandem is an incredibly popular and innovative challenger bank which, as a result of this partnership, will be able to offer even more great services to its customers. We are delighted to work with Tandem’s team and look forward to seeing how they will use Open Banking to further enhance their offering. This partnership is another important milestone in the growth of the Open Banking economy. By working together we’re delivering on a critical aspect of Open Banking – delivering more choice, innovation and better financial services for consumers and businesses.”
Paul Clark, Chief Technology Officer at Tandem, explained that Tandem differentiates their banking app with a unique user experience. With TrueLayer they expect to be able to strengthen account aggregation, opening up opportunities for more customer insights and in the end helping them manage their money every day.
“That is what Tandem is all about,” stated Clark.
TrueLayer’s partnership follows a recent expansion to Australia, partnership with Visa and the announcement of a $35 million funding round led by Tencent and Temasek.
In the past 18 months, TrueLayer has expanded across Europe to Germany, France, Italy and Spain, launched payment initiation capabilities and partnered with companies including Zopa, Emma, ClearScore, Plum, CreditLadder, Canopy, and ANNA Money.