CareCredit - Women's Health April 2024

OpenPayd, TrueLayer Offer Instant Account-to-Account Payments

OpenPayd has partnered with TrueLayer to enhance the instant payment solutions it offers its clients.

By leveraging TrueLayer’s open banking payment network throughout the United Kingdom and Europe, OpenPayd will enable instant account-to-account (A2A) payments for the users of its global payments and banking-as-a-service (BaaS) platform, the companies said in a Tuesday (Feb. 20) press release.

“We’re building a payments platform to give our clients access to any payment rail they need, where they need it,” Barry O’Sullivan, head of banking and payments infrastructure at OpenPayd, said in the release. “This collaboration is the next step in delivering fast, user-friendly payment journeys to our clients and their underlying users.”

With TrueLayer’s open banking-enabled payment solutions provided through this collaboration, OpenPayd’s clients can offer pay-by-bank functionality that is embedded into their payment infrastructure and delivered through their OpenPayd application programming interface (API) integration, according to the release.

This functionality will allow the underlying customers of OpenPayd’s clients to initiate payments and authenticate the payment via their banking app, the release said.

The partnership of OpenPayd and TrueLayer comes at a time both British consumers and banks are adopting open banking, per the release. One in 9 British consumers are using open banking services, and more than 80 British banks are using the technology.

“At TrueLayer, we firmly believe that the future of payments is built on open banking,” Mariko Beising, vice president of financial services and partnerships at TrueLayer, said in the release. “It enables the development of new solutions in payment services that foster growth, innovation and provide better solutions for consumers and businesses.”

As of January 2023 — which was the fifth anniversary of the U.K.’s adoption of open banking regulation — about 10% of the U.K.’s population was using open banking services, Open Banking Limited (OBL) reported in March.

In addition, about 16% of small and medium-sized businesses (SMBs) were using open banking products, according to that report.

In another recently announced partnership, TrueLayer said in January that it is offering its open banking products via Worldline’s payment orchestration platform.

This collaboration enables Worldline Payment Orchestration merchants to enable TrueLayer’s payment products in the U.K. and across Europe.