TrueLayer’s Payments API lets companies accept payments through Open Banking

Jan 29, 2019 · techcrunch.com

Truelayer payments mobile

Open Banking and PSD2 — groundbreaking regulation from the U.K. and European Union, respectively — set out to fix what politicians and civil servants perceived as a malfunctioning financial services market, evidenced most prominently by the banking crisis in 2008. It is also closely linked to the EU’s privacy directive GDPR, which aims to ensure citizens are given better access and use of their own personal data.

Central to Open Banking is a requirement that banks open up the data they hold and offer an API to let customers optionally share financial information with third-party providers. The idea, amongst other more innovate use-cases, is to make it easier to shop around for financial services or to switch banks accounts entirely.

In addition, the second aspect of Open Banking, which arguably targets the Visa-Mastercard duopoly, stipulates that banks offer an API to let customers authorise payments directly from their bank account as an alternative to other types of payments, such as card payments or manual bank transfers.

Read Complete Article

RT @StartupGrindLD: Our health is very important. Yet, government worries more about health-care than health-prevention. How can technology…

London is anyone. London is everyone. #LondonIsOpen https://t.co/SdUBucBXvW

RT @Cathy_Boland: @LDNTechWeek have chosen @Founders4School as their Opening Dinner #charity on the 10th June @TowerOfLondon 🎉 Please use c…

Windows Calculator will get a 'graphing mode' https://t.co/OMxwJnIvqt via @campuscodi

When Theresa May went back home after meeting with EU leaders on Friday, many of them were left wondering: how much… https://t.co/qHPf8YLKnD