TrueLayer introduces Signup+ to boost customer onboarding


TrueLayer, an open banking platform, has launched what it claims is the first-ever automated onboarding product using open banking APIs. 

According to FinTech Finance, Signup+ combines account creation with making a payment to streamline the signup process.

The technology uses bank-sourced data to verify a customer’s name, address and date of birth in seconds to speed up KYC-compliant onboarding, all done with the help of one quick deposit from a customer’s online bank.

Funds are then seamlessly made available in the customer’s account so that they can get started using a service, such as adding funds to a wealth management app or trading crypto.

Signup+ provides a secure, reliable and quick way to onboard new customers to avoid this attrition and reduces the threat of payment fraud and identity fraud with bank authentication built into every payment and real-time identity data checks.

Francesco Simoneschi – CEO and co-founder of TrueLayer – said, “In financial services and beyond, clunky and inefficient signup processes lead to as much as 40% of potential revenues being lost.”

“Using open banking technology in conjunction with real time identity data, Signup+ automates the onboarding process in a way which hasn’t been possible before in the UK. Signup+ represents a new generation of use cases for open banking and brings onboarding to the forefront of the conversation about where open banking is headed in the future.”

Last year, TrueLayer collaborated with digital bank Zopa to make account-to-account payments more seamless.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.