It’s a lively week for open banking entity TrueLayer with a product launch in Europe and a new deal Down Under.
First up, the London-based fintech unicorn has unveiled its closed-loop payment product in Ireland, France, Germany, Spain, Lithuania and the Netherlands.
It wants to outwit cards and digital wallets – and such matters as interchange fees, chargeback penalties and manual tracking processes. TrueLayer also mentions the issue of rising card fraud in Europe, which totalled €1.55 billion (£1.2 billion) in 2020, with card-not-present fraud accounting for 76% of those cases. France, Germany and Spain all ranked in the top five for card fraud losses.
TrueLayer reckons it can help and will offer dedicated merchant accounts, instant pay-ins, and instant withdrawals and refunds. For example, with the latter, verified account details are associated with each customer allowing businesses to provide the withdrawals and refunds back into the same account used for the deposit via an API call.
The company is targeting fintech firms, banks, trading platforms, crypto exchanges, e-commerce platforms and other businesses with this product.
In terms of Australia, MogoPlus, a bank transaction data insights provider, will work with TrueLayer to access financial data using Australia’s Consumer Data Right (CDR).
MogoPlus is in the process of becoming an Accredited Data Recipient authorised by the Australian Competition and Consumer Commission (ACCC). TrueLayer was accredited by the ACCC in September 2021 and became active in February 2022.
In collaboration with TrueLayer, MogoPlus will access customer-permissioned bank data in accordance with the CDR Rules.
MogoPlus is based in Sydney and offers lenders solutions for credit products including home loans, credit cards, personal loans, buy now pay later, mortgage refinance, hardship assistance and business lending.
TrueLayer has been busy this year.
Last month it secured a deal with ETX Capital in London to provide a payments platform to deliver deposits and withdrawals for customers.
Prior to that, it picked up a deal with Douugh in Australia. Banking app Douugh lets customers autonomously budget, save and invest their money – and will partner with TrueLayer to access open banking data.
Also in February, investment platform Tillit chose TrueLayer for its open banking needs.
In January, TrueLayer announced further expansion of its connectivity in five European countries. The fintech firm added Austria, Belgium, Denmark, Finland and Portugal for open banking data and payment initiation services. It also increased connectivity in existing markets including the Netherlands and Spain, and as a result, added “hundreds of new banks” across a total of 16 European markets.