UK-based payments and Banking-as-a-Service (BaaS) platform OpenPayd has partnered up with European open banking payment network TrueLayer to enhance its instant payment solutions offering.
Through this partnership, OpenPayd will leverage TrueLayer’s payments network throughout the UK and Europe to offer “secure and instant” account-to-account (A2A) payments for its global clients. OpenPayd believes this partnership will deliver an “enhanced user experience and improved conversion rate for depositing funds in real-time”.
OpenPayd’s clients will be able to offer pay-by-bank feature within its payment infrastructure through the OpenPayd API, allowing their customers to initiate and authenticate payments directly through their banking app.
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.
“Our partnership with TrueLayer marks an important step in OpenPayd’s growth strategy,” remarked Barry O’Sullivan, head of banking and payments infrastructure at OpenPayd.
“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.”
Founded in 2015 and headquartered in London, OpenPayd enables companies to offer new products, streamline operations and manage payments through its financial services infrastructure. Its banking and payment platform offers accounts, foreign exchange, domestic and international payments, card acquiring and open banking services. The company is licensed in the UK, Europe and North America.
