TrueLayer Introduces Payment Links for Seamless Open Banking Payments

TrueLayer, a leading open banking payments network, has recently unveiled its innovative feature called ‘payment links,’ designed to offer businesses the ability to facilitate instant payments powered by open banking, writes Tom Bleach for The Fintech Times. With payment links, customers can conveniently make payments directly from an email, text message, or QR code.

The process is simple. To utilize payment links by TrueLayer, customers only need to scan a QR code or click on an online link, which will redirect them to their online bank accounts, enabling them to make a payment directly to the business associated with the link. This functionality can be seamlessly integrated into both online and in-store shopping experiences.

Payment links have rapidly gained popularity as an efficient payment tool. Coupled with TrueLayer’s extensive presence across Europe, this new feature is expected to drive the widespread adoption of open banking payments in the mainstream market.

One of the key benefits of payment links is their ability to streamline the process of creating payments pages. Businesses can now set up checkout pages within minutes without the need for a website or integration with third-party e-commerce platforms.

The applications of payment links are diverse. Retailers can employ them in email remarketing campaigns to target cart abandonment, businesses can use them for smoother invoicing, and charities can streamline in-person donations effectively.

TrueLayer’s payment links have already been successfully integrated by some of its customers, including Topps Tiles, a nationwide retailer with over 300 stores, and Southampton’s Solent Wholesale, a prominent carpet wholesaler in the South West region. By utilizing TrueLayer’s new product feature, these businesses have improved their invoicing process by automating it via email, reducing payment processing costs, and simplifying payment for their customers, thereby enhancing cash flow.

According to Michael Brown, the head of e-commerce at TrueLayer, legacy payment options like cards are no longer aligned with the seamless experiences customers and businesses seek during purchases. Such methods often take days to settle, are cumbersome, and require significant resources for payment infrastructure. On the other hand, TrueLayer’s payment links offer an easy-to-implement, instant-to-settle solution, allowing merchants to accept open banking payments across various marketing channels, emails, texts, and even in-store.

Michael Brown emphasizes that TrueLayer’s payment links showcase the transformative power of open banking in both business payments and consumer experiences. It underscores the company’s unwavering commitment to pushing the boundaries of what is achievable with open banking payments.

Luke Crooks, the director at Solent Wholesale Carpets, shared his positive experience with TrueLayer’s payment links, stating that they have been able to send invoice payment requests automatically from their CRM, with payments settling in real-time. By opting for TrueLayer, they have not only saved on payment processing costs compared to cards but also enjoyed a swift end-to-end integration process, which took less than 48 hours. He praised TrueLayer’s responsive support team, extensive online documentation, and GitHub tools, which made the integration process quick and hassle-free.

TrueLayer’s introduction of payment links marks a significant step forward in the world of open banking payments, offering businesses and customers a more seamless, efficient, and user-friendly payment solution.