The open banking services platform has launched payments, a new closed circuit payment service that is now available in Spain and in five other European countries: Ireland, France, Germany, Lithuania and the Netherlands. The solution offers an integrated product to companies with these key functionalities:
- instant payments– Customers can top up their accounts, buy products, and send money in seconds with account-to-account payments. The income is settled in the merchant’s account and is automatically reconciled with the customer’s data.
- Instant withdrawals and refunds: Each customer has their verified bank account details associated with it, allowing businesses to make instant withdrawals and refunds to the same account used for payment with a simple API call.
- Dedicated Business Accounts: Businesses can automate reconciliation processes and access their customers’ full account details as soon as payment clears. They can also make automatic withdrawals to your bank account.
“With TrueLayer, fintech companies, banks, investment platforms, crypto exchanges, e-commerce platforms and other businesses across Europe can create a better payment experience for their customers. With a single implementation, our platform offers instant, account-to-account, and 100% secure deposits, withdrawals, and refunds. Instant deposits allow for higher conversion rates, which improves customer acquisition. Instant withdrawals and refunds improve customer retention and loyalty as customers can see their funds transferred immediately,” said David Expósito, Vice President of European Sales for TrueLayer.
Spanish iGaming operator Codere will be one of the European companies offering TrueLayer payments in the coming weeks. “We want to offer the best gaming experience possible and if you can pay instantly, you should be able to withdraw your funds instantly. Having immediate access to earnings is a differentiator for Codere, and it’s also likely to keep users coming back. TrueLayer offers us the ideal solution, since the money goes in and out immediately, improving the experience and avoiding the operational costs of cards, manual transfers or electronic wallets”, explained Ran Kshivizky, Director of Payments Products at Codere.
TrueLayer Payments, solves the obstacles of traditional media
Traditional payment methods have not been designed for the immediacy that online commerce requires. Card payments can take up to three days to clear, making it difficult for businesses to manage liquidity, while customers they have to wait for refunds and withdrawals. Digital cards and wallets incur significant costs for merchants through interchange fees, chargeback penalties, and lengthy manual tracking processes. In Spain, chargeback requests have been especially damaging, rising 25% over the course of the pandemic.
In Europe, card fraud amounted to €1.55 billion in 2020, with non-present payment fraud accounting for 76% of those cases. France, Germany and Spain are among the top five countries for card fraud losses.
TrueLayer wants to respond to the need for a better experience for European users with a payment product more profitable, safer and frictionlessbased on open banking and the fastest bank payment channels available.