- Open banking platform TrueLayer is partnering with cross-border payments company Thunes.
- Thunes will integrate TrueLayer’s open banking technology into its platform, making open banking available as a payment method.
- TrueLayer helps 100,000 merchants across the U.K., Europe, and Australia power open banking payments experiences that connect payments, data, and identity.
In the U.K., open banking is the rule, rather than the exception. So today’s partnership between open banking platform TrueLayer and cross-border payments company Thunes is targeting the right geography. Through today’s partnership, the two firms aim to streamline and improve the payment experience of consumers in the U.K. and Europe.
“Open banking payments are gaining momentum not only in the U.K. but also in the rest of Europe, and we really believe that this strong partnership with TrueLayer, a leader in the field, will help to move forward and make this new definition of smart payment a reality for all,” said Thunes Managing Director Christophe Bourbier.
Thunes will integrate TrueLayer’s open banking technology into its platform, making open banking available as a payment method for its 100,000 merchants. TrueLayer’s open banking payment technology bypasses traditional card networks and their associated fees, which helps merchants offer a faster and more cost-effective payments experience that reduces both fraud and chargebacks.
“Open banking is rapidly moving to the mainstream, as more merchants adopt account-to-account payments thanks to their ability to deliver significant cost savings, enhanced security, and speed of settlement when compared to other payment methods,” said TrueLayer Head of Payment Partnerships Mariko Beising. “Thunes has a track record of adopting and optimizing the latest payments options for its customers, so they can focus on running their business. Implementing open banking is the next logical step and we believe that together we can deliver significant value to merchants across Europe through a trusted partner.”
Thunes was founded in 2016 as TransferTo and rebranded to Thunes in 2019. The company offers a cross-border payments and collection network that supports 79 currencies, enables payments to 130 countries, and offers 300 payment acceptance methods. Among the company’s use cases are cross-border payments, business payments, virtual payments, and virtual account issuance. Headquartered in Singapore, Thunes also has offices in London, Paris, Shanghai, New York, Dubai, Nairobi, Arizona, and Barcelona.
TrueLayer helps businesses across the U.K., Europe, and Australia power open banking payments experiences that connect payments, data, and identity to help people spend, save, and transact online. The company was founded in 2016 and is connected to thousands of financial institutions across the U.K. and Europe. Last September, TrueLayer landed a $130 million investment that boosted the company’s total funding to $272 million.
Photo by Alex Andrews
The post TrueLayer and Thunes Team Up for Open Banking appeared first on Finovate.