OpenPayd and TrueLayer forge strategic partnership to revolutionize instant payments

OpenPayd and TrueLayer forge strategic partnership to revolutionize instant payments

OpenPayd, a pioneering global payments and Banking-as-a-Service (BaaS) platform, has entered into a strategic partnership with TrueLayer, Europe’s premier open banking payment network.

The partnership is designed to utilize TrueLayer’s extensive payments network to enable secure, instant account-to-account (A2A) payments. This initiative will not only enhance the user experience by streamlining the fund deposit process in real-time but also aim to improve conversion rates significantly.

OpenPayd specializes in providing a comprehensive global payments and Banking-as-a-Service (BaaS) platform, offering bespoke payment solutions tailored to the needs of businesses worldwide. Their services are designed to facilitate seamless, efficient financial transactions across various sectors.

TrueLayer stands at the forefront of open banking payment networks in Europe, committed to developing innovative payment services that leverage open banking technology. Their focus is on creating solutions that drive growth, innovation, and offer superior alternatives for consumers and businesses alike.

This partnership marks a pivotal step in OpenPayd’s growth strategy, aiming to deliver fast, user-friendly payment journeys. By integrating pay-by-bank functionality into their payment infrastructure through OpenPayd’s API, clients can offer their customers an efficient way to initiate payments directly via their banking app, leveraging the growing adoption of open banking.

The collaboration between OpenPayd and TrueLayer reflects the increasing adoption of open banking, with over one in nine Brits and more than 80 banks beyond the CMA9 utilizing these services.

OpenPayd Head of Banking and Payments Infrastructure Barry O’Sullivan said, “Our partnership with TrueLayer marks an important step in OpenPayd’s growth strategy. We’re building a payments platform to give our clients access to any payment rail they need, where they need it. This collaboration is the next step in delivering fast, user-friendly payment journeys to our clients and their underlying users.”

VP Financial Services and Partnerships at TrueLayer Mariko Beising added, “At TrueLayer, we firmly believe that the future of payments is built on open banking. It  enables the development of new solutions in payment services that foster growth, innovation and provide better solutions for consumers and businesses. We’re excited to collaborate with OpenPayd to deliver better payment experiences to its clients.”

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