TrueLayer debuts open banking-based payment solution

Financial infrastructure firm TrueLayer has launched a new open banking-based payment solution for the igaming industry.

PayDirect allows operators to offer a holistic onboarding and payment solution to customers which aims to reduce customer journey friction and improve adoption and retention rates.

The new solution will allow operators to instantly complete KYC processes by verifying account details against information gained from the customer’s bank, while customers will be able to instantly fund their accounts via open banking.

Additionally, players are afforded access to instant withdrawals and refunds from operators, removing the potentially lengthy pay-out process experienced with traditional payment methods.

TrueLayer noted that the PayDirect solution would ensure customer onboarding was completed three times faster than the traditional process, while payment failure rates are only 3.5%, compared to 15% with debit cards.

Ossama Soliman, TrueLayer chief product officer, said: “PayDirect builds on our payments expertise to solve some significant issues around onboarding, deposits and withdrawals to help operators deliver an experience that is fit for the digital age.”

Francesco Simoneschi, TrueLayer CEO, added: “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.”