TrueLayer: Pioneering Open Banking in the UK
As per the latest statistics from Open Banking Limited, the open banking landscape in the UK has now surpassed 7 million active users, with transaction volumes increasing by an impressive 15% each month throughout 2023.
TrueLayer has emerged as a leader in this movement, becoming the first provider in the UK to offer commercial Variable Recurring Payments (VRP) through its API.
Last year marked a significant achievement for the company, as it facilitated over 1 million VRP transactions on a monthly basis—demonstrating a clear demand for more flexible payment options.
Eileen O’Mara, Chief Revenue Officer at Stripe, expressed her enthusiasm, stating, “We are excited to partner with TrueLayer, empowering British businesses that sell high-value goods and services to save substantial amounts in payment processing fees each month.”
This collaboration is anticipated to particularly benefit industries that handle high-value transactions, including luxury retail, travel, and B2B services. These sectors often face hefty card processing fees that can significantly impact their profit margins. By harnessing the power of open banking technology, businesses can mitigate these costs while also providing customers with a smoother payment experience.
Nevertheless, the journey towards widespread adoption of Pay by Bank solutions has its hurdles. Issues related to consumer trust and familiarity remain prevalent, as many individuals still favor the security and benefits tied to credit card payments. Enhancing education and user experience is essential for promoting greater acceptance.
Francesco Simoneschi from TrueLayer remains hopeful about the future: “This collaboration with Stripe is just the beginning. We are confident that Open Banking payments have the potential to evolve into the preferred method for online transactions, offering a quicker, more secure, and cost-effective alternative to traditional payment methods.”
“As we keep innovating and broadening our services, we look forward to witnessing the positive impact this transformation in digital payments will have on both businesses and consumers.”
