emerchantpay and TrueLayer Launch Open Banking Payments for UK and Europe Merchants
emerchantpay, global payment service provider and acquirer, has announced a strategic partnership with TrueLayer, a prominent European open banking payments network. This collaboration enables emerchantpay to offer bank transfer payments as an online checkout option for merchants across the UK and Europe.
With this solution, emerchantpay’s merchants can allow customers to connect to their online banking environment at checkout for a secure and seamless payment experience. Customers can complete transactions swiftly by logging into their bank accounts, without needing to create additional accounts with TrueLayer or manually enter financial details.
After verifying the payment through their banking environment, customers are redirected to the merchant’s website, and the transaction is completed instantly. The amount is immediately deducted from their bank account, simplifying personal financial management.
This solution benefits merchants by reducing the risk of failed payments, as customers do not manually enter payment information, which can lead to errors. It also minimises the risk of fraud since consumers authenticate each payment directly through their bank.
The simplicity of open banking is transforming the payments industry. Juniper Research has projected that open banking payments transaction value will exceed $330 billion globally by 2027, underscoring the significant potential of this collaborative initiative.
Jon Horddal, Chief Product Officer at emerchantpay, comments on the partnership: "Providing our merchants with an open banking payment option aligns perfectly with our vision of connecting businesses and consumers everywhere. With TrueLayer’s innovative open banking network, we are excited to further simplify payments for our merchants and enable them to offer their customers additional modern, secure and convenient ways to pay."
Mariko Christine Beising, VP Financial Services & Partnerships at TrueLayer, said: "We are thrilled to unveil our strategic collaboration with emerchantpay. This partnership will provide crucial support for businesses in Europe and the UK to bring speed, convenience and security to the experience of navigating the realm of open banking. By joining forces, we aim to empower emerchantpay’s merchants in the UK and Europe to craft enhanced payment experiences for their customers."
