Truelayer Debuts Open Banking-Powered Digital Onboarding Tool

Open banking firm Truelayer has launched a new product to help businesses onboard customers.

The company announced the launch of Signup+, a new tool that it says can make the onboarding process faster, safer and more reliable, in a Tuesday (Jan. 31) press release.

According to Truelayer, Signup+ sources identity data through open banking application programming interfaces (APIs) to verify a customer’s name, address and date of birth while remaining compliant with know your customer (KYC) rules.

“There are no manual forms to fill out, no document scanning and no waiting days for verification checks,” the company said on its website.

Once businesses have integrated Signup+, Truelayer said that customers can quickly sign up for new services by selecting ‘instant signup’ and their bank from its onboarding page.

After that, they will be redirected to their bank, where they authenticate their identity and confirm the deposit amount. In the next step, the customer is redirected back to the service’s app, where their new account is automatically created using bank-sourced identity data. Deposited funds appear instantly in their new account.

While noting that any business that needs to onboard customers for payments can benefit from the new product, Truelayer said that Signup+ is “especially relevant for regulated industries such as online trading, remittance, crypto and iGaming, which have complex and lengthy onboarding processes which new customers struggle to complete.”

Currently, it said the feature is only available in the U.K., but will be rolled out in more countries throughout 2023 and 2024.

As PYMNTS has reported, Truelayer is not the first company to launch a dedicated tool intended to help businesses reduce friction in their onboarding processes. In October, Refinitiv introduced its own digital onboarding solution designed to ease the sign-up process while remaining KYC-compliant.

Commenting on the product, Refinitiv’s Head of Client & Digital Onboarding Solutions Gareth Walker said “Refinitiv’s digital onboarding solution, built on a modern, extensible platform, delivers a fully configurable product that has a modern, positive end-client experience at the heart of its design, while at the same time meeting the most exacting compliance demands made of businesses today.”

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