TrueLayer

TrueLayer is an open banking payments company founded in 2016 in London by Francesco Simoneschi and Luca Martinetti, authorised and regulated by the UK Financial Conduct Authority under the Payment Services Regulations 2017. It was built so that merchants and financial institutions can collect and disburse money directly between bank accounts instead of routing every transaction through card networks, and can read bank account data under customer consent for onboarding and risk decisions.

The product set covers a Payments API for Pay by Bank at checkout, Payouts for instant withdrawals and refunds, Bank on File for recurring collection built on variable recurring payments, a Data API for account and transaction insight, and Verification for account ownership checks. TrueLayer reports 24 million consumers on the network, 47 percent of all European Pay by Bank transactions and 116 billion US dollars of annualised payment volume. Customers include Papa Johns, lastminute.com and Jaja Finance, across e-commerce, financial services, travel and iGaming.

1. Payments API: Initiates account-to-account bank payments at checkout with instant settlement confirmation.

2. Payouts: Sends refunds and withdrawals straight to a verified bank account, including outside banking hours.

3. Bank on File: Stores a consented bank mandate for repeat collection using variable recurring payments.

4. Data API: Retrieves account holder, balance and transaction data for onboarding, affordability and personalisation.

5. Verification: Confirms the paying bank account belongs to the named customer before a payout or credit decision.

6. Scale: 24 million consumers, 116 billion US dollars annualised volume and 47 percent of European Pay by Bank transactions.