TrueLayer Bank on File provides a sophisticated solution for managing fixed and variable recurring payments, aiming to maximize customer lifetime value while reducing operational costs. It integrates Direct Debit security with the flexibility of Variable Recurring Payments (VRP) through a single, scalable API. This platform is designed to cut down on failed payments, ensure smooth cash flow, and enhance customer retention by offering simpler, more transparent payment experiences. Use cases include subscriptions, money management for savings or loan repayments, one-click payments with long-living mandates, and split payments for installment plans. For merchants, it eliminates card-related failures, improves conversion rates through simplified setup, offers flexible payment options, and lowers transaction costs by confirming funds before payment. Customers benefit from an easy setup, clear management of payment plans within their banking apps, increased security via open banking and biometrics, and built-in protections from VRP and Direct Debit technology.

Features & Benefits

• Next-Generation Recurring Payments: Combines Direct Debit security with Variable Recurring Payments (VRP) for flexible and reliable payment experiences.
• Reduced Failed Payments: Connects directly to customer bank accounts, bypassing card expiry or loss issues, ensuring no missed payments.
• Enhanced Conversion Rates: Simplifies payment setup with one-click options and seamless ID verification, reducing friction for customers.
• Cost Reduction: Offers efficient alternatives to card-on-file, with lower transaction costs and the ability to confirm funds before payment.
• Improved Customer Experience: Provides easy setup, transparent management of payment plans, and increased security, fostering customer trust and loyalty.