Open banking platform TrueLayer has partnered with the Singapore-based fintech Coins to “streamline and improve the consumer payment experience” in the UK and Europe.
Through this partnership, Thunes will integrate TrueLayer’s open banking payments into its platform as one of the payment methods available to Thunes’ 100,000 merchants worldwide.
This means that Marketplace Platform customers and partners will be able to take advantage of open banking payments and benefit from TrueLayer’s market coverage and conversion rates.
According to TrueLayer, it offers a faster, more cost-effective alternative to bank transfers and bypasses traditional card networks and their associated fees. This reduces the risk of fraud and eliminates chargebacks, both of which can lead to significant costs for merchants.
Mariko Beising, Head of Payments Partnerships at TrueLayer, said, “Open banking is rapidly becoming mainstream as more merchants embrace account-to-account payments thanks to their ability to deliver significant cost savings, enhanced security, and speed of payment. payment compared to other payment methods.
“Thunes has a proven track record of adopting and optimizing the latest payment 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.
Whereas, Christopher 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 are confident that this strong partnership with Truelayer, a leader in the field, will help to move forward and to make this new definition of smart payment a reality for all.
In April 2022, Thunes acquired a majority stake in the anti-money laundering (AML) and compliance platform company Tookitaki, which now enables the company’s advanced compliance, anti-fraud and anti-money laundering capabilities.