TrueLayer expands into five more European countries
TrueLayer has expanded its open banking platform into five more European countries: Austria, Belgium, Denmark, Finland and Portugal.
The open banking provider has also added hundreds of new banks across 16 European markets to increase connectivity in the continent.
TrueLayer offers over 95 per cent coverage of the banking population in major European countries and processes over half of all open banking traffic in the UK, Ireland and Spain.
Several peer-to-peer lending platforms have implemented open banking and some of have done so by working with TrueLayer.
In August 2020, Rebuildingsociety gained access to open banking for itself and its appointed representatives after its technology provider White Label Crowdfunding partnered with TrueLayer.
In 2018, TrueLayer built Zopa’s income verification tool.
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“Working with our clients expanding across Europe, we know how important high quality connectivity is to harness the full potential of open banking,” said Joe Morley, chief executive, Europe at TrueLayer.
“We pride ourselves on making connections available only when we believe they are fit for purpose, rather than focussing on vanity metrics that ultimately don’t deliver the best results for our clients or their customers.
“That focus on quality is one of the reasons that open banking payments through TrueLayer convert on average 22 per cent higher than they do through other providers in the UK.
“We’re continuing that model as we extend connectivity across Europe with the addition of hundreds of banks across these new markets. The result is a superior developer experience for our clients and a more reliable service for their customers.”