TrueLayer's Pay by Bank is a payment solution designed to simplify online transactions by allowing customers to pay directly from their bank accounts via their banking app. This method bypasses traditional card processing, leading to significantly lower transaction fees, reduced fraud rates, and a more streamlined checkout experience. Businesses benefit from faster settlement times, improved cash flow, and higher customer conversion rates, especially among returning customers. The platform is built on open banking technology, offering robust security through biometric authentication and direct bank integrations. It provides developers with flexible integration options, including ready-made UIs for mobile and web, as well as plugins for popular e-commerce platforms like WooCommerce, Shopify, and Magento. A comprehensive merchant console offers tools for managing transactions, reconciliation, and reporting, empowering businesses with financial visibility and control.

Features & Benefits

• Direct Bank Payments: Customers pay directly from their bank account, eliminating the need for card details.
• Cost Reduction: Offers up to 50% lower fees than card payments and reduces costs associated with fraud and chargebacks.
• Enhanced Security: Utilizes bank-level security and biometric authentication, reducing card fraud and data privacy risks.
• Faster Settlements: Funds are settled in real-time, improving business cash flow and enabling quicker order fulfillment.
• Streamlined Checkout: Reduces friction in the checkout process, leading to higher conversion rates and customer retention.
• Flexible Integration: Provides ready-made UIs, SDKs for mobile, browser integrations, and plugins for e-commerce platforms.
• Merchant Console: Offers a centralized dashboard for managing transactions, reconciliation, reporting, and refunds.