Airwallex and TrueLayer Partner to Deliver Innovative Payment Solutions for Businesses
Airwallex, the leading global payments and financial platform for modern businesses, announced last week a partnership with TrueLayer, the payments network powered by open banking. The partnership will enable businesses to access a wider range of payment options, including real-time payments, and to improve their treasury operations. TrueLayer will leverage Airwallex's global payments and financial infrastructure API to build new products and services on a global scale. With this collaboration,
Airwallex, the leading global payments and financial platform for modern businesses, announced last week a partnership with TrueLayer, the payments network powered by open banking. The partnership will enable businesses to access a wider range of payment options, including real-time payments, and to improve their treasury operations.
TrueLayer will leverage Airwallex's global payments and financial infrastructure API to build new products and services on a global scale. With this collaboration, Airwallex will be able to provide improved real-time payments and treasury options, aiming to maximise improved return of investment (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 (A2A) payments, removing the need to enter any card or bank account details and removing the risk of human error.
The collaboration comes at a time when the demand for open banking is increasing worldwide, with over 7 million users in the UK alone, as per the Open Banking Implementation Entity (OBIE). The growth is expected to continue, with OBIE estimates suggesting approximately 63.8 million Open Banking users by 2024 throughout Europe.
Commenting on this, Jake Reeves, Head of Payment Infrastructure at TrueLayer advised that as the company’s client base grows both in sophistication and complexity, it is looking to collaborate with firms that complement its approach to payments. Airwallex is the ‘perfect partner’ for supporting their mission of changing how the world pays, adding that together, they aim to simplify cross-border, multi-currency Open Banking payments, reconciliation, and related back-office processes.
Ryan O'Holleran, Head of Sales, Enterprise, EMEA at Airwallex added that the company selected TrueLayer for its coverage and Open Banking technology to support its global customer base. What is more, the spokesperson believes the integration benefits clients by providing them with modern infrastructure to enable businesses no matter the size to grow beyond borders.
Airwallex and TrueLayer's unique offering for businesses
A global payments and financial platform for modern businesses, Airwallex is trusted by companies throughout the world to manage everything ranging from payments, treasury, and spend to embedded finance in a single platform.
A European Open Banking payments network, TrueLayer powers increasingly smart, safe, and fast online payments by combining real-time bank payments with financial and identity data. Businesses of all sizes will be able to leverage their products to onboard new users, accept money, and make payouts in a matter of seconds, at scale.
Benefits of the Partnership for businesses
The partnership between Airwallex and TrueLayer will provide businesses with a number of benefits, including:
- Access to a wider range of payment options, including real-time payments
- Improved treasury operations
- Reduced costs
- Increased security
- Improved customer experience
The partnership between Airwallex and TrueLayer is a significant development in the payments industry. The combined capabilities of the two companies will enable businesses to access a wider range of payment options, improve their treasury operations, and reduce costs. This will help businesses to grow and succeed in the global economy.
Growpay is an online marketplace, helping simplify payment discovery for businesses worldwide. For more information, visit www.growpay.co.
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