TrueLayer is basically the London based startup company which is engaged n building applications which will help in securely accessing data as well as initiating payment based on the real-time. Recently the company has joined Visa which currently has a stake in the FinTech of about 35 million dollars on Series C which is funding in June. As we have already mentioned that it is known to be one of the well-known providers of financial APIs which has been allowing marketers to instantly get data from various sources. If you are still unaware of what API is, then let us tell you that it is basically like the Uber app which you are using on a daily basis. Let us take put it this way, when you book a cab in the app, you are redirected to the Google Maps which shows the current location as well as the wait time of your booking cab. Here all the information which are being displayed to you is transmitted with the help of an API.
So the small example of API which we have discussed above will be playing a major role from February when Consumer Data Right, commonly known as CDR which is also called open banking will be operating with fintech as well as bank lenders. Through this, it will enable developing technologies that will further allow to instantly transfer the funds, switch the bank account even faster, customized offerings and lots more. The commercial, as well as the strategic bonding between Visa as well as Truelayer, will help to grow the fin-tech industry. Francesco Simoneschi, the CEO and Founder of TruleLayer said, “Visa has been the first fintech company to actually create a unique ecosystem and value chain among banks, merchants and their customers.” He further said, “We believe that Open Banking will follow a very similar playbook in the next decade.” He means to say that the relationship between both the company in representing a huge initiative in the development of the open banking economy. Not only but also the Head of Asia Pacific operations of TrueLayer, Marie Steinthaler said that Visa is in motive to use open banking solutions which will help in bringing improved financial services to its customers all across the world. She said in a statement, “Visa is a global player with such incredible reach and connections, and we are very excited to be partnering with them to make real the transformative potential of Open Banking.” She further mentioned, “We want to help these businesses build those better services in a quick, innovative as well as secure manner.”
Now coming across the funding which was led by Tencent as well as Temasek along with the participation from investors Anthemis as well as Northzone. Al these investments have immensely helped the TrueLayer in expanding all over Europe to France, Spain, Italy as well as Germany. Not only this but it has also released the payment initiation methods by partnering with various companies which include Zopa, Revolut, Plum, CreditLadder, ClearScore, Canopy as well as ANNA Money. Simoneschi further said, “we want to improve the open banking to a level where it manifestly impacts every aspect of financial services for customers which requires large, established players to come on board and work with startups like us. Visa has been one of the most successful Fintech companies ever created and we ultimately have a lot to learn from them. Our goal is that any step that enables more businesses to embrace open banking is good for everybody involved from Fintech to consumers.”
Ways on how TrueLayer can help
As per the Head of Asia Pacific operations of TrueLayer, Marie Steinthaler said the launching of TrueLayer in Australia is important because of the APIs are solutions which undertake in the liberalization of the financial data in increasing the competition, improving services as well as reducing costs. Steinthaler mentioned, “In a nutshell, it means Australian customers will get access very soon to a wide range of new apps as well as services which will allow them to instantly find the most competitive rates for savings, mortgages as well as loans; aggregate all their bank accounts into one platform and so much more. Having said that the most crucial thing to point is that the customers will get complete control over their data. They will have to provide clear consent for this which is to be used and it becomes secure all because of the API system.
TrueLayer will further control the Department of International Trade Fintech bridge program of the UK the international expansion to Australia along with TransferWise as well as Seedrs. It has provided $47 million and has further announced $3 in A Series which has funding since the year 2017. With this collaboration, Open Banking services, as well as the CDR, will be putting full control over the banking data banking in the hands of the consumers.