TrueLayer, the UK’s largest Pay by Bank network, has announced the appointment of Basil Bailey as the CEO of TrueLayer Ireland and general manager of its European business.
In his dual role, Bailey will oversee the commercial and regulatory functions of TrueLayer Ireland, which holds a European Payments Institution (PI) licence and is regulated by the Central Bank of Ireland, according to FF News.
He will also manage TrueLayer’s European operations while serving as an executive director of the TrueLayer Ireland board.
TrueLayer is a leading open banking platform that enables businesses to securely access financial data and initiate payments. The company’s Pay by Bank solution is transforming the payments landscape, offering faster, safer, and more cost-efficient transactions.
Bailey brings decades of leadership experience within the payments industry. Previously, he was managing director of JPMorgan’s Acquiring business in EMEA, and CEO and director of the company’s two European Acquiring and Issuing entities.
Beyond JPMorgan, Bailey has held senior roles at Fiserv and PayPal, where he was global director of financial services. He also worked at Borderfree as director of global consumer and commercial payments. Earlier in his career, he was the chief commercial officer at Orbiscom, which was later acquired by MasterCard, where he held multiple senior roles, including vice president of global strategic alliances. His experience extends beyond payments, having worked in IT and telecommunications with Horizon Technology Group and Esat Telecom, where he was MD of their SME business.
Bailey joins TrueLayer during a period of significant growth, as the company’s Pay by Bank solution gains traction with e-commerce merchants and consumers alike. TrueLayer currently serves more than 10 million users and has processed over $64bn in payments to date. The UK-based company handles nearly half of all open banking payments in the country and saw its revenue grow by more than 50% in the past year. Notable clients include Ryanair, Just Eat, Revolut, and Lastminute.com.
TrueLayer co-founder and CEO Francesco Simoneschi said, “I’m thrilled to have Basil joining the TrueLayer team to lead our EU regulated entity from Dublin. Ireland and Europe are major growth markets for TrueLayer, and Basil’s strong leadership and deep payment experience will be crucial as we enter our next phase of growth and continue to revolutionise the payments industry.”
Basil Bailey, CEO of TrueLayer Ireland said, “I’m very excited to join TrueLayer at such a pivotal point in its journey. With more and more major merchants starting to offer TrueLayer’s Pay by Bank option to their customers, TrueLayer is truly changing how the world pays. I look forward to bringing my payment experience to the table and being a part of the TrueLayer team for this revolutionary journey.”
