Open Banking: Fintech Airwallex, TrueLayer to Enhance Payments Infrastructure

Airwallex, the global payments and financial platform for modern businesses, today announced its partnership with TrueLayer, the payments network powered by open banking, to deliver innovative payment solutions for businesses.

TrueLayer will leverage Airwallex’s global payments and financial infrastructure API “to build new products and services on a global scale.”

Payments powered by TrueLayer already “offer closed and open-loop options to clients across 15 European markets.” With this partnership, TrueLayer will “deliver enhanced real-time payments and treasury operations to maximise ROI for merchants.”

TrueLayer’s customers will “benefit from Airwallex’s extensive local infrastructure to further deliver instant, low-cost payments.”

Airwallex’s customers will benefit “from instant, secure account-to-account payments, removing the need to enter any card or bank account details and removing the risk of human error.”

The new partnership “comes amid growing demand for open banking, with more than 7 million users in the UK alone, according to the Open Banking Implementation Entity (OBIE).”

This growth is also “set to continue, with OBIE estimates suggesting that there will be 63.8 million open banking users by 2024 across Europe.”

Jake Reeves, Head of Payment Infrastructure, at TrueLayer said:

“As our client base increases in sophistication and complexity, we want to collaborate with firms that complement our approach to payments. Airwallex is the perfect partner to support our mission to change the way the world pays. Together we’re simplifying cross-border, multi-currency open banking payments, reconciliation and related back-office processes.”

Ryan O’Holleran, Head of Sales, Enterprise, EMEA at Airwallex, said:

“We selected TrueLayer for its coverage and world-class open banking technology to further support our global customer base. Our integration will benefit our clients by providing them with the most innovative modern infrastructure to enable businesses of all sizes to grow beyond borders.”

As covered, Airwallex is “a global payments and financial platform for modern businesses. We remove the unnecessary friction and cost inherent in the traditional financial system to help entrepreneurs achieve their global ambitions.”

Their purpose is “to connect entrepreneurs, business builders, makers and creators with opportunities in every corner of the world.”

With an international footprint “across the Asia-Pacific, Europe and North America, we empower businesses to grow without borders. Airwallex (UK) Limited (Company No. 10103420) is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (firm reference number 900876).”

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