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emerchantpay & TrueLayer partner for payments by bank transfer

By Gloria Methri

June 05, 2024

  • Emerchantpay
  • Europe
  • FinTech
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emerchantpay, Open Banking payments, TrueLayer, FinTech, UK, EuropeGlobal payment service provider and acquirer emerchantpay has announced its strategic partnership with TrueLayer, a European open banking payments network. Through the alliance, emerchantpay will offer bank transfer payments as an online checkout option for merchants across the UK and Europe.

With this solution, emerchantpay’s merchants can leverage this new payment option to allow customers to instantly connect to their online banking environment at checkout for a secure and frictionless payment experience. By simply logging into their bank accounts to complete the payment, customers can swiftly complete transactions in seconds. There is no need to create additional accounts with TrueLayer or even manually enter financial account details such as the account number and sort code on the merchant’s website.

Once the customer verifies the payment through their preferred banking environment, they are automatically redirected to the merchant’s website, and the transaction is complete. The amount is instantly deducted from their bank account, simplifying personal financial management for consumers.

The solution benefits merchants by reducing the risk of failed payments. Customers do not manually enter payment information, which may result in errors such as typos or incorrect payment details. Additionally, the risk of fraud is minimized since consumers authenticate each payment directly through their banking solution.

Jon Horddal, Chief Product Officer at emerchantpay, said, “Providing our merchants with an open banking payment option aligns perfectly with our vision of connecting businesses and consumers everywhere. With TrueLayer’s innovative open banking network, we are excited to simplify payments for our merchants further and enable them to offer their customers additional modern, secure and convenient ways to pay.”

Mariko Christine Beising, VP of Financial Services & Partnerships at TrueLayer, said, “We are thrilled to unveil our strategic collaboration with emerchantpay. This partnership will provide crucial support for businesses in Europe and the UK to bring speed, convenience and security to the experience of navigating the realm of open banking. By joining forces, we aim to empower emerchantpay’s merchants in the UK and Europe to craft enhanced payment experiences for their customers.”

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