TrueLayer Becomes The First Company To Join The SEPA Payment Account Access Scheme
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TrueLayer, an Open Banking payments network based in the UK, has become the first SEPA Payment Account Access Scheme participant. SPAA, established in 2021, aims to redefine the landscape of A2A payments in Europe.
The Chief Executive Officer of TrueLayer, Joe Morley, stated that adding TrueLayer to the initial SPAA register signifies an essential move in the company’s devotion to innovation and development. It also aligns with its strategy to advance and propel the next stage of payments across the European region.
Banks Can Monetize Their Investments In Open Banking
The SEPA Payment Account Access Scheme exceeds compliance with the European Union’s payment solutions directive. It was developed to introduce innovative features aimed at optimizing the progress of the European Open Banking ecosystem.
By optimizing SPAA, European banks, and financial institutes can offer first-class Open Banking APIs while getting compensated for API access simultaneously.
Additionally, banks can capitalize on their Open Banking investments directly. SPAA is also created to complement PSD2, enabling financial institutions to align with clients’ and customers’ demands, preferences, and needs in the rapidly changing market.
The SEPA Payment Account Access Scheme intends to stimulate the efficient and secure adoption of account-to-account (A2A) payment, providing an upgraded alternative to card companies.
TrueLayer Partners To Launch New Products
TrueLayer recently teamed up with multiple partners and launched new products in different geographical areas around the globe over the past few months.
In early December 2023, TrueLayer revealed its partnership with Lunar to enhance the overall payment services in Norway, Denmark, and Sweden. This collaboration aimed to improve TrueLayer’s capability to make instant payments in the Nordics by efficiently and securely integrating with Lunar’s payment system.
In November last year, TrueLayer joined forces with Lendable to integrate its Variable Recurring Payments (VRP) products and Account Information Services (AIS) into the latter’s financial system.
Lendable offers customers car finance, credit cards, and loans across an array of borrowers, dedicated to making personal finance more straightforward, accessible, and transparent.
By using TrueLayer’s tools, Lendable was able to improve its services. The Account Information Services (AIS) helps to facilitate the collaboration more efficiently and provides the firm with valuable insights into the underwriting process.
Additionally, the Variable Recurring Payments (VRPs) offered users and borrowers more flexible and easy-to-use repayment options, which aligns with Lendable’s approach of providing customer-centric financial services.
