UK financial API provider TrueLayer announced on Tuesday the launch of PayDirect. TrueLayer claims that PayDirect is a new payment method that enables any firm to create streamlined, secure, and cost-effective onboarding and payments processes.
TrueLayer further revealed that with PayDirect fintech firms, banks, trading platforms, wealthtech firms, e-commerce providers, and iGaming operators, can deliver new levels of services to their customers, all from within their app, in a matter of minutes, through:
- Account verification: Instantly verify account ownership based on what’s on file at a customer’s bank.
- Instant account funding: uUers can initiate payments or move money between accounts effortlessly using open banking.
- Seamless online payments: This reduces fraud and chargebacks at any checkout.
- Instant withdrawals: Users can initiate payouts, using the same method used for deposits, automatically meet AML requirements, while avoiding manual data entry like bank account number or IBAN.
- Instant refunds: Providing customers to access their money faster, compared with up to 5 days using cards.
While sharing more details about PayDirect, Francesco Simoneschi, Co-Founder and CEO of TrueLayer, stated:
“With PayDirect we’re calling time on cards and their monopoly. We have used our experience and expertise as a leading open banking platform to design a digital and mobile first payment product that combines instant bank payments with instant payouts, refunds and reconciliation capabilities. PayDirect delivers an effortless way to onboard new customers and enable them to quickly initiate payments and withdraw funds. It is the easiest way to create a better, safer and lower cost payments process.”
Founded in 2016, TrueLayer describes itself as a technology company that provides secure, global access to financial infrastructure. Developers notably use its APIs to build products that securely access data and initiate payments in real-time.
“TrueLayer is connected to major banks across the world, backed by leading venture capital, and trusted by some of the biggest names in fintech including Monzo, Revolut, and Zopa.”
TrueLayer recently raised $25 million through its Series C funding round. The company revealed at the time that the investment takes the total amount it has raised to $72 million.
