UK open banking platform TrueLayer has launched a new Verification API to make the onboarding process for its customers easier.
According to TrueLayer, the API combines open banking with machine learning to make onboarding simpler. The company claims the API has success rates 20% higher than credit bureaus and returns results in seconds rather than days, compared to manual bank statement checks.
The API also simplifies payments setup by pre-verifying a customer’s details, meaning an end to failed transactions.
TrueLayer said the Verification API provides an accelerated onboarding process from ‘3 days to just 3 clicks’, with coverage spanning across all major banks, lower fraud risks through embedded strong customer authentication and a bolstered user experience that provides users with a simple redirect to their banking app to confirm account ownership with Face ID or fingerprint.
The company added that the API reduces the burden on compliance teams by automating checks through a single API call and also reduces the impact on engineers, who are able to focus on solving core business problems instead of building and maintaining name-check logic.
TrueLayer said, “Rather than the time consuming and resource-intensive task of building a matching engine, TrueLayer has developed a verification logic that sits on top of open banking rails. It matches the name supplied during the onboarding process with the name on file at the bank, providing a single feed that ensures an immediate and highly accurate response on whether their user’s account has been verified or not.”
Truelayer CPO Ossama Soliman added, “Verification is the first step to onboarding a new user and yet it can often take days to verify an account owner using traditional methods. Their security is questionable, they’re prone to errors and they take forever. It doesn’t need to be that way.
“With the Verification API we’ve built on top of open banking to create a faster, more secure and more accurate approach to verifying a user’s account. It serves businesses across multiple industries, including financial services, PSPs, wealth management and trading, marketplaces, property and iGaming.”
Earlier this year, TrueLayer closed its Series D investment round on $70m. The firm said the funding would be used to fuel global expansion and accelerate the development of premium open banking services and drive an engineering, product and commercial team expansion to meet global demand.
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