TrueLayer, a European open banking payments network, has announced a partnership with digital lender Jaja Finance. This collaboration will enable credit card repayments for Jaja customers. Jaja will use TrueLayer's Payments product to offer instant pay-ins, allowing customers to make one-off credit card repayments directly from their bank accounts.

Offering Instant Repayments

This new functionality is now available on Jaja's Vanta Credit Card. It is also available for Jaja's partner brands, including Post Office, Asda Money Credit Card, and Asda Money Select Credit Card. These credit cards are linked to Asda's rewards program.

Jaja's partnership with Asda Money has been effective. Consequently, Jaja recently introduced its own brand credit card, the Jaja Vanta Credit Card.

Mariko Beising, VP of Financial Services and Partnerships, TrueLayer said: “Open banking-powered instant payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term are a simpler, safer and more intuitive option than legacy repayment methods, and they integrate seamlessly into the customer journey."

“TrueLayer is attractive to companies that value the customer experience. With its commitment to best-in-class technology and customer-centric products, Jaja consistently prioritises their end users. We’re proud to partner with them on fast, frictionless credit repayments.”

Smoother credit card repayments? Yes please! 👀
We’re excited to work with @Jajafinance to bring open banking payments to users across the UK 🤝
Read all about it here: https://t.co/x9ewU89Lsb pic.twitter.com/CSTOsJeOfe

— TrueLayer (@TrueLayer) June 11, 2024

Repayment Feature for Money Management

The new repayment process is designed to be more intuitive and user-friendly. It auto-populates fields, so customers do not need to enter data manually. The payment links to an individual's bank app, making the experience safer and smoother.

Settlements are instant, and repayments reflect immediately in the customer's bank account. This feature aims to make money management easier and clearer.

Lucas Dalglish, Chief Commercial Officer, Jaja Finance, said: “Increasingly our customers are looking for heightened sophistication in the way they make their payments - faster, slicker and more secure."

"TrueLayer’s open banking-powered instant payments capabilities means we can continue to harness the future of payments while optimising our technology and enhancing our customer’s user experience.”