TrueLayer

paid

TrueLayer powers Europe's leading Pay by Bank network. Accept instant, secure bank payments, cut card processing costs by 40%+, and boost checkout conversions.

Data & Analytics

Ecommerce

Workflow Automation Tools

About

TrueLayer is Europe's foremost open banking payments network, powering the Pay by Bank revolution for merchants and consumers alike. The platform allows businesses to accept and make payments directly through consumers' banking apps — eliminating card networks, reducing fraud, and slashing payment processing costs by more than 40%. Handling nearly half of all UK Pay by Bank transactions and more than 2x the daily volume of its nearest competitor, TrueLayer is built for enterprise scale. Its network of over 20 million consumers grows by one new user every three seconds, giving merchants access to a rapidly expanding, conversion-optimised user base. Key benefits for merchants include a 20%+ increase in average order value, up to 90% conversion rates for returning customers, and the elimination of card fraud and chargebacks. Consumers authenticate payments securely via their banking app using biometrics, ensuring both safety and convenience. TrueLayer's product suite covers Payments, Payouts, and Bank-on-File solutions, all accessible via a developer-friendly API. The platform is FCA-authorised and trusted by major brands including Papa Johns and lastminute.com. It's ideal for e-commerce, financial services, iGaming, and any industry where reducing checkout friction and payment costs is a strategic priority.

Key Features

Pay by Bank Network: Access a network of 20M+ consumers who can pay instantly and securely straight from their banking app — no card details needed.
Instant Payments & Payouts: Accept real-time payments and send instant payouts to bank accounts, removing delays associated with traditional card rails.
Fraud Elimination: Bank-authenticated payments via biometrics remove card fraud and chargebacks entirely, with TrueLayer vetting all payees before they join the network.
Cost Reduction: Cut payment processing costs by over 40% by bypassing card network fees, reducing fraud losses, and eliminating chargeback overhead.
Developer-Friendly API: Integrate TrueLayer's full suite of payment, payout, and data products through a clean, well-documented API designed for enterprise scale.

Use Cases

E-commerce merchants replacing card payments with Pay by Bank to reduce processing fees and eliminate chargebacks.
Financial services companies offering instant payouts and bank-verified identity onboarding for their customers.
Travel and ticketing platforms increasing average order value and reducing cart abandonment with frictionless checkout.
Subscription businesses setting up recurring bank-to-bank payments without storing sensitive card data.
iGaming operators enabling fast, secure deposits and withdrawals directly through players' banking apps.

Pros

Significant cost savings: Merchants can reduce payment processing costs by 40%+ compared to traditional card schemes, directly improving margins.
High conversion rates: Returning customers convert at up to 90%, and the frictionless checkout experience increases average order value by over 20%.
Enterprise-grade reliability: Handles nearly 50% of all UK Pay by Bank transactions with more than 2x the daily volume of the nearest competitor.
Built-in security & compliance: FCA-authorised platform with biometric authentication means no card fraud, no data breaches, and strong regulatory compliance.

Cons

Limited to open banking markets: Availability is focused on Europe (particularly UK), so merchants with significant non-European customer bases may have limited coverage.
Consumer adoption dependency: Pay by Bank relies on consumers being willing to authenticate via their banking app, which may require education for less tech-savvy audiences.
Enterprise-focused pricing: As a B2B enterprise platform, pricing and onboarding are not self-serve, which can be a barrier for smaller merchants.

Frequently Asked Questions

Pay by Bank is a payment method that lets consumers pay merchants directly from their bank account via their banking app, authenticated using biometrics — with no card details required.

By routing payments through open banking rails instead of card networks, TrueLayer removes multiple intermediaries, card scheme fees, and the costs associated with fraud and chargebacks, resulting in 40%+ cost savings.

Yes, TrueLayer is FCA-authorised. All payments are authenticated via the consumer's banking app using biometrics, and all payees are vetted before joining the network.

TrueLayer is used across e-commerce, financial services, iGaming, travel, and any sector where reducing checkout friction, preventing fraud, or cutting payment costs is a priority.

TrueLayer provides a developer-friendly API, allowing engineering teams to integrate payments, payouts, and data products quickly. Enterprise onboarding is supported by TrueLayer's team.