Tymit partners with TrueLayer to deliver instant payments to customers

By Joy Dumasia

TrueLayer, Europe’s open banking platform, announced that the innovative credit firm Tymit is delivering an enhanced experience through instant bank payments for its Credit and Booster customers.

Tymit was founded as a flexible approach to financing purchases and managing a monthly budget, creating a viable alternative to credit cards or loans. The Tymit Card allows customers to plan their spending, see the true total cost of any transaction, and avoid unnecessary interest by controlling their monthly repayments through instalments, while Tymit Booster offers a way for consumers to build a better credit score through timely repayments on purchases.

Determined to deliver the best possible digital experience, the firm has integrated TrueLayer into its app. As a result, Tymit Card customers can make repayments whenever they like through secure, seamless and instant account-to-account payments. Tymit Booster customers also benefit from a more streamlined and straightforward process by using open banking to make their initial refundable deposit.

Martin Magnone, CEO at Tymit, commented: “Customer experience always comes first at Tymit, and that’s why we’re so excited about our partnership with TrueLayer. Together, we’re taking the pain out of payments for our customers, creating the kind of experience that sets our offerings apart.”

Payments powered by TrueLayer offer a higher conversion and fewer failed transactions, creating a more convenient approach and providing Tymit customers additional peace of mind that their repayments have been made on time.

Nick Tucker, Head of Financial Services at TrueLayer, said: “Millions of people in the UK have faced a user experience that makes it difficult to anticipate the total cost of purchases. Millions more have been left behind due to thin credit files. Working with a firm like Tymit that is delivering a more transparent, fee-free and customer-friendly approach to credit is exciting. It has recognised that offering instant payments creates an opportunity to develop a deeper and more positive relationship with its customers.”

Recently, IBS Intelligence reported that TrueLayer, Europe’s open banking platform and innovative wealth-building app Chip, announced their collaboration, delivering an improved customer experience through dramatically faster account payments.