TrueLayer, a technology company building financial infrastructure that’s open to everyone, has announced the launch of PayDirect, a new payments method enabling any firm to create streamlined, secure, and cost-effective onboarding and payments processes.
Today, identity and verification flows and card-based payments typically generate avoidable friction along the customer journey, affecting adoption and retention rates and generating unnecessary costs. The introduction of Strong Customer Authentication (SCA) this year adds another layer of friction to cards with workarounds that deliver a poorer customer experience.
PayDirect is the answer to those issues, enabling firms to stay compliant while delivering a frictionless customer experience. Built on open banking and the fastest available bank payment rails, it provides firms with instant payments and withdrawals, while accelerating KYC and AML processes, to deliver the most complete solution on the market.
“As customers experience seamless digital services in other aspects of their lives, their expectations for financial services are also changing. PayDirect builds on our payments expertise to further streamline onboarding, deposits and withdrawals to deliver an experience that is fit for the digital age,” said Ossama Soliman, Chief Product Officer at TrueLayer. “The ability to quickly and easily verify a customer’s identity, and move money instantly in and out of an account using bank to bank payments is hugely beneficial to both the customer and the service provider.”
With PayDirect fintech firms, banks, trading platforms, wealthtech firms, e-commerce providers and iGaming operators, can deliver new levels of services to their customers, all from within their app, in a matter of minutes, through:
- Account verification – Instantly verify account ownership based on what’s on file at a customer’s bank.
- Instant account funding – users can initiate payments or move money between accounts
- using open banking.
- Seamless online payments – that reduce fraud and chargebacks at any checkout.
- Instant withdrawals – users can initiate payouts, using the same method used for deposits, automatically meet AML requirements, while avoiding manual data entry like bank account number or IBAN.
- Instant refunds – providing customers to access their money faster, compared with up to 5 days using cards.
We have seen in banking and e-commerce that great onboarding and payments experiences increase conversion, trust, and retention. But many payment journeys today have not been designed for a digital-first world,” said Francesco Simoneschi, co-founder and CEO at TrueLayer. “With PayDirect we’re calling time on cards and their monopoly. We have used our experience and expertise as a leading open banking platform to design a digital and mobile-first payment product that combines instant bank payments with instant payouts, refunds and reconciliation capabilities. PayDirect delivers an effortless way to onboard new customers and enables them to quickly initiate payments and withdraw funds. It is the easiest way to create a better, safer and lower cost payments process.”