European open banking platform TrueLayer and Singapore-based FinTech and global cross-border payments platform Thunes are teaming up to make it easier for U.K. and European consumers to make payments, according to a Wednesday (June 1) press release.
Thunes’ growing B2B payment infrastructure “addresses the payment needs of online retailers, marketplaces, gig and shared economy platforms as well as FinTechs,” per the release. Thunes will integrate TrueLayer’s open banking payments into its platform as one of the payment methods for its 100,000 merchants around the world.
“Open banking is rapidly moving to the mainstream, as more merchants adopt account to account payments thanks to their ability to deliver significant cost savings, enhanced security and speed of settlement when compared to other payment methods,” TrueLayer Head of Payment Partnerships Mariko Beising said in the announcement.
Thunes has a track record of adopting and optimizing the latest payments options for its customers, so they can focus on running their business,” she said. “Implementing open banking is the next logical step and we believe that together we can deliver significant value to merchants across Europe through a trusted partner.”
TrueLayer payments represent an alternative to bank transfers and bypass the traditional card networks and their associated fees and reduce the risk of fraud and eliminate chargebacks.
“Open banking payments are gaining momentum not only in the UK but also in the rest of Europe, and we really believe that this strong partnership with Truelayer, a leader in the field, will help to move forward and make this new definition of smart payment a reality for all,” Christophe Bourbier, managing director at Thunes, said in the announcement.
Related: TrueLayer Introduces Variable Recurring Payments
In April, TrueLayer introduced variable recurring payments (VRP) through a single application programming interface (API), promising transparency, speed and control of VRP to users instead of debit and card payments. VRP allows companies to collect recurring payments of any amount from customers.
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