Airwallex and TrueLayer partner to enhance payments infrastructure

Open Finance
28/05/2023 News

Airwallex, the leading global payments and financial platform for modern businesses, announced its partnership with TrueLayer, the payments network powered by open banking, to deliver innovative payment solutions for businesses. 

TrueLayer will leverage Airwallex’s global payments and financial infrastructure API to build new products and services on a global scale. Payments powered by TrueLayer already offer closed and open-loop options to clients across 15 European markets. With this partnership, TrueLayer will deliver enhanced real-time payments and treasury operations to maximise ROI for merchants.

TrueLayer’s customers will benefit from Airwallex’s extensive local infrastructure to further deliver instant, low-cost payments. Airwallex’s customers will benefit from instant, secure account-to-account payments, removing the need to enter any card or bank account details and removing the risk of human error. 

The new partnership comes amid growing demand for open banking, with more than 7 million users in the UK alone, according to the Open Banking Implementation Entity (OBIE). This growth is also set to continue, with OBIE estimates suggesting that there will be 63.8 million open banking users by 2024 across Europe.

Jake Reeves, Head of Payment Infrastructure, at TrueLayer said, “As our client base increases in sophistication and complexity, we want to collaborate with firms that complement our approach to payments. Airwallex is the perfect partner to support our mission to change the way the world pays. Together we’re simplifying cross-border, multi-currency open banking payments, reconciliation and related back-office processes.”

“We selected TrueLayer for its coverage and world-class open banking technology to further support our global customer base,” said Ryan O'Holleran, Head of Sales, Enterprise, EMEA at Airwallex. “Our integration will benefit our clients by providing them with the most innovative modern infrastructure to enable businesses of all sizes to grow beyond borders.”

Related news & insights

Digital Reinvention
28/03/2024 News

ChitChat launches secure chat platform with integrated digital wallets in Zambia

Developed by Union54 in collaboration with Mastercard, ChitChat allows users to send instant USD payments within chat conversations, prioritizing security...

Insurance
28/03/2024 News

Clearcover unveils game-changing gen AI tool for rapid claims processing

Clearcover, a leading car insurance provider, has launched an innovative generative AI tool aimed at expediting claims processing and enhancing...

Embedded Insurance
27/03/2024 News

Qover and Yonder enhance travel insurance experience

This collaboration aims to streamline and enrich the travel insurance experience for Yonder's members, bolstering their financial security while traveling.

SME Banking
26/03/2024 News

CaixaBank's AgroBank Hub transforms agricultural industry

AgroBank, the specialized agri-food division of CaixaBank, has launched the AgroBank Hub, a digital platform aimed at revolutionizing Spain's agricultural...

Digital Reinvention
26/03/2024 News

BNY Mellon leads financial sector in AI integration

BNY Mellon, a global financial powerhouse with a 240-year legacy, has partnered with NVIDIA to deploy advanced AI infrastructure, accelerating...

SME Banking
26/03/2024 News

Centime redefines SME banking with FNBO partnership

Centime, a Boston-based fintech serving small- to midsize-businesses (SMBs), has launched a groundbreaking banking product in partnership with FNBO (First...

Digital Reinvention
22/03/2024 News

N26 introduces N26 crypto for French market

This feature offers over 200 cryptocurrencies for trading, marking N26 as the European banking app with the widest range of...

SME Banking
21/03/2024 Article

Recognizing excellence in SME banking: Highlights from the 4th SME Banking Awards ceremony

The fourth edition of the SME Banking Awards ceremony celebrated remarkable achievements and innovation in catering to SMEs worldwide. This...