TrueLayer and Thunes announce partnership to offer open banking payments across the UK and Europe
TrueLayer, Europe’s leading open banking platform, and Thunes, a Singapore-based fintech company and a leader in global cross-border payments, announced their partnership to streamline and improve the payment experience of consumers in the UK and Europe.
Thunes is building a borderless B2B payment infrastructure that addresses the payment needs of online retailers, marketplaces, gig and shared economy platforms, as well as Fintechs. Recognising the rapid growth of account to account payments, the partnership sees Thunes integrating TrueLayer’s open banking payments into its platform as one of the easy-to-use payment methods available to Thunes’ 100,000 merchants globally. As a result, thousands of marketplace platform clients and partners will be able to leverage open banking payments and benefit from TrueLayer’s broad market coverage and industry leading conversion rates.
Payments from TrueLayer deliver a faster and more cost-effective alternative to bank transfers and bypass the traditional card networks and their associated fees. They also significantly reduce the risk of fraud and eliminate chargebacks, both of which can incur significant costs for merchants.
Mariko Beising, Head of Payment Partnerships at TrueLayer, commented: “Open banking is rapidly moving to the mainstream, as more merchants adopt account to account payments thanks to their ability to deliver significant cost savings, enhanced security and speed of settlement when compared to other payment methods. Thunes has a track record of adopting and optimising the latest payments 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.”
Christophe Bourbier, Managing Director at Thunes said: “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 really believe that this strong partnership with Truelayer, a leader in the field, will help to move forward and make this new definition of smart payment a reality for all.”