OpenPayd, a global payments and Banking-as-a-Service platform, has unveiled its collaboration with TrueLayer, Europe’s open banking payment network, aiming to enrich its instant payment solutions portfolio for clients.

OpenPayd's Secure A2A Payments Solution

In this strategic partnership, OpenPayd intends to harness TrueLayer’s payments network spanning the UK and Europe to facilitate secure and immediate account-to-account (A2A) payments for its global clientele. The collaboration seeks to elevate user experience standards while enhancing conversion rates for real-time fund deposits.

“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,” said Barry O’Sullivan, the Head of Banking and Payments Infrastructure at OpenPayd.

“Partnering with industry leaders like TrueLayer, gives us the chance to bring open banking-enabled payment solutions to our clients, so they can reap the benefits of this technology.”

Through this initiative, OpenPayd's clients will gain access to pay-by-bank functionality integrated into their payment infrastructure, courtesy of the OpenPayd API integration. This integrated approach enables customers to initiate payments and authenticate transactions directly within their banking applications.

OpenPayd, the global #payments and #BaaS platform, has teamed up with #TrueLayer to enhance its instant payment solutions. https://t.co/mCFvy550YV pic.twitter.com/2pHpYZxS4D

— The Fintech Times (@thefintechtimes) February 20, 2024

Open Banking's Growth and Impact on Innovation and Productivity

The surge in open banking adoption, as evidenced by over one in nine Britons utilizing open banking services and the engagement of 80+ banks beyond the CMA9, underscores its potential to spur innovation, bolster productivity, and streamline costs.

Mariko Beising, the VP Financial Services and Partnerships at TrueLayer 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.”