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Open Banking API provider, TrueLayer has launched its first payments product, providing firms with the ability to onboard customers and bypass card schemes using faster payment rails for account-to-account payouts and deposits.
PayDirect embeds in-app instant payments and withdrawals, while conducting all KYC and AML processes for onboarding customers.
Ossama Soliman, chief product officer at TrueLayer, says: “The ability to quickly and easily verify a customer’s identity, and move money instantly in and out of an account using bank to bank payments while automatically complying with AML regulations is hugely beneficial to both the customer and the service provider.”
The white label product is suitable for fintech firms, banks, trading platforms, wealthtech firms, ecommerce providers and iGaming operators, promising 3x faster onboarding and higher payment conversion rates.
Francesco Simoneschi, co-founder and CEO at TrueLayer, says: “With PayDirect we’re calling time on cards and their monopoly. We have used our experience and expertise as a leading open banking platform to design a digital and mobile first payment product that combines instant bank payments with instant payouts, refunds and reconciliation capabilities.
PayDirect delivers an effortless way to onboard new customers and enable them to quickly initiate payments and withdraw funds. It is the easiest way to create a better, safer and lower cost payments process.”
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