TrueLayer and Citizen Ticket collaborate for a better payments experience
By Joy Dumasia
TrueLayer, Europe’s leading open banking platform, announced its industry-first collaboration with Citizen Ticket, a platform that provides online payments and ticket management tools to events organisers throughout the UK.
Citizen Ticket turned to market leader TrueLayer to deliver instant, account-to-account payments using open banking. TrueLayer can provide digitally-native payments to customers that securely connect a purchaser’s bank account to the event organiser through the Citizen Ticket platform, using biometric methods such as fingerprint or Face ID to authenticate a payment in a matter of seconds.
As well as improving the customer experience, open banking payments through TrueLayer provide Citizen Ticket with much lower and more predictable processing fees than cards and other payment methods such as PayPal. This is because open banking payments remove the various middlemen and do not involve additional costs that card payments typically do, such as PCI compliance and chargeback processing.
Thanks to embedded strong customer authentication (SCA) and pre-populated payment details, there is also a reduced risk of unauthorised payments and fraud. TrueLayer’s higher payment acceptance compared to other open banking providers and payment methods, coupled with instant settlement capabilities, means less time spent managing failed payments that can lead to customer complaints and churn.
Harry Boisseau, CEO at Citizen Ticket, commented: “We have always prided ourselves on leaning into the future and innovating every aspect of our product. When it comes to processing our payments, integrating TrueLayer was a total ‘no-brainer’. We believe the future landscape of e-commerce payments will look very different in the years to come, and we are excited to lead the way with progressive technical partners like TrueLayer.”
Roger De’Ath, Head of eCommerce at TrueLayer, added: “The opportunity and need to create the best-possible online payment experience is huge, but it clashes with the reality of incumbent payment methods. Merchants are facing the challenge of mounting costs from failed payments, transaction fees and chargebacks. Open banking’s combination of higher payment conversion and lower operational costs represent the future of eCommerce checkouts. That is why we are excited to be collaborating with Citizen Ticket to deliver more user-friendly payments for the event booking market by making the checkout process as hassle-free as possible.”
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September 29, 2023