Open banking platform TrueLayer has teamed up with Singapore-based fintech Thunes to ‘streamline and improve the payment experience of consumers’ in the UK and Europe.
Through the partnership, Thunes will integrate TrueLayer’s open banking payments into its platform as one of the payment methods available to Thunes’ 100,000 merchants globally.
This will mean marketplace platform clients and partners will be able to leverage open banking payments and benefit from TrueLayer’s market coverage and conversion rates.
Accoring to TrueLayer, it delivers a faster and more cost-effective alternative to bank transfers and bypasses the traditional card networks and their associated fees. This reduces the risk of fraud and eliminates chargebacks, both of which can incur significant costs for merchants.
Mariko Beising, head of payment partnerships at TrueLayer, said: “Open banking is rapidly moving to the mainstream, as more merchants adopt account to account payments thanks to their ability to deliver significant cost savings, enhanced security and speed of settlement when compared to other payment methods.
“Thunes has a track record of adopting and optimising the latest payments options for its customers, so they can focus on running their business. Implementing open banking is the next logical step and we believe that together we can deliver significant value to merchants across Europe through a trusted partner.”
While, Christophe Bourbier, MD at Thunes, added: “At Thunes we are really excited about this new value proposition that we will be able to offer to our extensive network of merchants and partners. Open banking payments are gaining momentum not only in the UK but also in the rest of Europe, and we really believe that this strong partnership with Truelayer, a leader in the field, will help to move forward and make this new definition of smart payment a reality for all.”
In April 2022, Thunes acquired a controlling stake in anti-money laundering (AML) and compliance platform company Tookitaki, which now enables the company’s advanced compliance, anti-fraud, and AML capabilities.