TrueLayer, a computer software company that enables companies to capitalize on new open banking initiatives in the UK, announced on Thursday it has expanded its partnership with ANNA Money to enable instant business payments through QR codes. The duo announced their partnership last spring, which enables ANNA to provide its customers with enhanced open banking-based services including account aggregation and financial data which will make VAT calculations through its assistant app much faster and easier.
TrueLayer reported that the integration of its Payments API will enable ANNA’s customers to receive money instantly using QR codes through ANNA’s app. Due to the process, businesses will no longer need to use physical payments terminals, bank cards or intermediaries for payments – significantly reducing transaction costs and speeding up transfers. Speaking about the collaboration expansion, Francesco Simoneschi, CEO and co-Founder of TrueLayer, stated:
“We believe Payments Initiation and innovation in B2B payments is going to be one of the major trends in finance over the next few years, precisely because of use cases like this. Reducing costs, increasing security and speed in business to business payments will make a profound impact on SMEs – saving them all a significant amount of money and time.”
Irakli Agladze, Head of Open banking at ANNA Money, further explained:
“Payments API quickly became one of the essential parts of our onboarding process for new users. Seeing how many of our new customers use OpenBanking Payments API to add the first funds to their ANNA account and start using it immediately – it was only natural that we started providing the same opportunity for B2B transactions. It’s so much easier for business owners who want to get paid on the spot to use their ANNA app immediately rather than going back to their desks, sending some invoices then chasing them afterwards.”
TrueLayer added that the expanded partnership with ANNA comes on the heels of the integration of its Payments API with brokerage company, Stake. Through the integration, Stake customers may now use “Payment Initiation” to transfer money to quickly make an investment.