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TrueLayer, ANNA Money partner for instant business payments with QR

TrueLayer has partnered with ANNA Money to provide the card and admin FinTech with Payment Initiation, an API for instant QR code payments.

The TrueLayer API allows ANNA’s customers to receive money instantly through QR codes, removing the need for physical payments terminals, bank cards or intermediaries for payments.

It will also reduce transaction costs and speed up transfers to better manage day-to-day cash flow, TrueLayer said in the announcement.

Francesco Simoneschi, CEO and co-Founder of TrueLayer, commented: “We believe Payments Initiation and innovation in B2B payments is going to be one of the major trends in finance over the next few years, precisely because of use cases like this.

“Reducing costs, increasing security and speed in business to business payments will make a profound impact on SMEs – saving them all a significant amount of money and time.”

ANNA, which provides business accounts, debit cards and financial admin to freelancers and small businesses, began its partnership with TrueLayer in April 2019, integrating its Data API for Open Banking-based services including account aggregation and faster, easier VAT calculations via its assistant app.

Irakli Agladze, Head of Open banking at ANNA Money, said the FinTech chose TrueLayer based on its customers’ need for speed and stability. He said: “Payments API quickly became one of the essential parts of our onboarding process for new users.

“Seeing how many of our new customers use Open Banking Payments API to add the first funds to their ANNA account and start using it immediately – it was only natural that we started providing the same opportunity for B2B transactions. It’s so much easier for business owners who want to get paid on the spot to use their ANNA app immediately rather than going back to their desks, sending some invoices then chasing them afterwards.”

TrueLayer’s expanded partnership with ANNA comes after having partnered with Revolut in February to provide Open Banking services, allowing retail and business customers to view external accounts within the Revolut app.

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