OpenPayd, the global payments and Banking-as-a-Service (BaaS) platform, today announced its partnership with TrueLayer, Europe’s open banking payment network, to enhance its instant payment solutions offering for its clients.
OpenPayd will leverage TrueLayer’s payments network “throughout the UK and Europe to enable secure and instant account-to-account (A2A) payments for its global clientbase.”
The partnership will deliver “an enhanced user experience and improved conversion rate for depositing funds in real-time.”
The new service will enable OpenPayd’s clients to “offer pay-by-bank functionality that is fully embedded into their payment infrastructure and delivered through their OpenPayd API integration. By enabling this functionality, their underlying customers can initiate payments and authenticate the payment directly via their banking app.”
The rapid rise in open banking adoption – “over one in nine Brits are using open banking services as well as 80+ banks beyond the CMA9 – is a reflection of its potential to drive innovation, increase productivity and cut costs.”
Barry O’Sullivan, Head of Banking and Payments Infrastructure at OpenPayd, said:
“Our partnership with TrueLayer marks an important step in OpenPayd’s growth strategy. We’re building a payments platform to give our clients access to any payment rail they need, where they need it. This collaboration is the next step in delivering fast, user-friendly payment journeys to our clients and their underlying users. Partnering with industry leaders like TrueLayer, gives us the chance to bring open banking-enabled payment solutions to our clients, so they can reap the benefits of this technology.”
Mariko Beising, VP Financial Services and Partnerships at TrueLayer added:
“At TrueLayer, we firmly believe that the future of payments is built on open banking. It enables the development of new solutions in payment services that foster growth, innovation and provide better solutions for consumers and businesses. We’re excited to collaborate with OpenPayd to deliver better payment experiences to its clients.”
As noted in the update, OpenPayd builds embedded finance and banking-as-a-service infrastructure that powers business growth.
With OpenPayd’s financial services infrastructure, innovative companies can “build new products, streamline their operations and manage their payments on a global scale.”
The OpenPayd platform delivers “a suite of banking and payments infrastructure: accounts, FX, international and domestic payments, card acquiring and Open Banking services – all via a single API. With a growing network of licences across the UK, Europe and North America, OpenPayd is providing the banking infrastructure digital businesses need to thrive.”