Truelayer is an online payment application created by a Fintech company it is named after, that builds financial applications that link to bank data, verify accounts, and process transactions in real-time. It is an open banking payment network founded in 2016 in London, England.
Benefits of Truelayer
Truelayer undoubtedly elevates the online transaction world with stellar features both on the development and user end. Here are certain qualities that set Truelayer apart from the myriad of online payment options present today.
It is an Efficient System
On Truelayer, withdrawals, refunds, and payouts are automated making processing, receiving, and sending possible in very little time. Customers can also obtain funds for transactions across Europe and the United Kingdom in real-time. Merchants and contractors can also receive payments immediately as opposed to the usual 5-day duration.
It is monitored and secure
Truelayer ensures to check and confirm bank account ownership regularly to reduce and prevent cases of fraud. It uses biometric authentication as a form of identification to verify customer identities. These checks are clean sweeps of customers that facilitate checking the inflow of funds to prevent approval of unauthorized transactions.
Payments are also approved directly by the bank because Truelayer are SCA complaints and there is no need for customers to store card details to ensure information is protected.
Instead of going through raw bank data, the names of customers can be checked and confirmed immediately and accurately through a single API.
It allows Individualized Experiences
Through access to aggregating accounts, transaction balance, and identity data, Truelayer creates individual experiences for each customer. It uses account information such as transaction date and amount, transaction category, and standing orders to tailor advice and product promotions to fit each customer.
For savings and investments, the system processes different amounts according to each customer’s financial situation.
It has Variable Recurring Payments
VRPs were created by Truelayer to allow customers to have flexible repayment plans. Such payments do not require manual details but can be confirmed with fingerprints or facial recognition making it fast and safe. Notifications for these payments are received in real-time and it also lets customers safely manage their accounts on a user-friendly interface.
It Runs Automated Processes
Merchants and customers can perform transactions quickly and safely on Truelayer through highly automated processes. Merchants can easily automate reconciliations and notifications for late payments, saving them time and energy. Customers can set up automatic top-ups whenever account balances are low and this helps them avoid overdraft fees.
An Open System
Truelayer’s different provisions make account information easily accessible therefore creating a system where users are aware of information and keep tabs on and indulge their accounts.
Before making or taking payments customers are allowed to check and confirm available funds. On the customer dashboard, all information is displayed openly: bank date, current accounts, and more.
It Offers Low Costs
On Truelayer, there are no charges for card interchange and operational fees are low.
How to Connect
In order to join and start using this application take these steps. First, go to the Truelayer website, scroll down then click on ‘Sign Up’ on the homepage. Fill in the information requested on the Console log in page and Click on ‘Sign in’. Alternatively, an account can be opened directly with a Google email account or Github.