back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

TrueLayer launches Verification API to enhance onboarding experience

By Megha Bhattacharya

June 23, 2021

  • Europe
  • TrueLayer
Share

European open banking provider TrueLayer announced the launch of a new approach to account ownership checks with its Verification API. Combining open banking with machine learning, the Verification API makes onboarding effortless with success rates that are over 20% higher than credit bureaus and returning a result in seconds, rather than days, compared to manual bank statement checks. By pre-verifying customer’s details, it also simplifies payments setup meaning no more failed transactions.

“Whether you are a fintech, a marketplace, or an ecommerce platform you want to deliver the best possible onboarding experience. We are aggregating different identity verification methods and we are big supporters of using open banking thanks to its ability to make the entire process more intuitive. Working with a market leader like TrueLayer to integrate its Verification API will help us to further strengthen the identity verification process for our customers,” commented Jarek Sygitowicz, co-founder of Authologic.

TrueLayer has developed a verification logic that sits on top of open banking rails. It matches the name supplied during the onboarding process with the name on file at the bank, providing a single feed that ensures an immediate and highly accurate response on whether their user’s account has been verified or not. As a result, the Verification API delivers significant benefits, including an accelerated onboarding process from 3 days to just 3 clicks, coverage spanning all major banks, resulting in a 22.5% higher success rate compared to credit bureau checks, etc.

“Verification is the first step to onboarding a new user and yet it can often take days to verify an account owner using traditional methods. Their security is questionable, they’re prone to errors and they take forever,” commented Ossama Soliman, Chief Product Officer at TrueLayer. “It doesn’t need to be that way. With the Verification API we’ve built on top of open banking to create a faster, more secure and more accurate approach to verifying a user’s account. It serves businesses across multiple industries, including financial services, PSPs, wealth management and trading, marketplaces, property and iGaming.”

Previous Article

June 23, 2021

KFH digital offerings equip customers with latest payment solutions

Read More
Next Article

June 23, 2021

Nuvei receives acquiring license from Discover Global Network

Read More










IBSi Daily News Analysis

digital lending, digital lending in India

August 18, 2022

Europe

Why is India a front-runner in the field of digital lending?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Revolut launches Revolut <18, a rebrand of its product for 6-17 year olds

Read More

Today

NIPL signs PayXpert as UK’s first acquirer for UPI and RuPay

Read More

Today

Shieldpay appoints Chris Andrews as Head of Sales

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022