Open banking payments network TrueLayer has launched ‘payment links’, a new feature enabling businesses to offer instant payments, powered by open banking, directly from an email, text message or a QR code.
To use payment links by TrueLayer, a customer must scan a QR code or click an online link directing them straight to their online bank accounts to make a payment directly to the business supplying the link. This functionality can be used either online or as part of the in-store shopping experience.
Payment links are an instant payment tool increasing in popularity. Combined with TrueLayer’s reach across Europe, this new feature will accelerate the growth of open banking payments further into the mainstream.
Payment links simplify the process of building a payments page by enabling businesses to create checkout pages within minutes. The process does not require a website or third-party e-commerce platform integration.
For example, retailers can use payment links in email remarketing to target cart abandonment, businesses can use them for smoother invoicing, and charities can use them to streamline in-person donations.
Payment links are already live with TrueLayer customers, including Topps Tiles, which has over 300 stores nationwide, and Southampton’s Solent Wholesale, one of the South West region’s leading carpet wholesalers. Both are using TrueLayer’s new product feature to improve invoicing by automating the process via email, reducing payment processing costs and simplifying the payment for their customers, in turn increasing their cash flow.
Enabling “merchants to accept open banking payments anywhere”
Michael Brown, head of e-commerce at TrueLayer
Michael Brown, head of e-commerce at TrueLayer, said: “Legacy payment options such as cards simply haven’t kept up with the experiences customers and businesses have come to expect when making a purchase. These methods take days to settle, are highly frictional and often require a lot of resources to build payment infrastructure.
“Powered by open banking, payment links are an easy-to-implement, instant-to-settle solution that will allow merchants to accept open banking payments anywhere: across their marketing channels, emails, texts and even in-store.
“TrueLayer’s payment links are yet another proof point of how open banking can be used to transform business payments and consumer experiences. It once again demonstrates TrueLayer’s commitment to pushing what’s possible with open banking payments.”
Luke Crooks, director at Solent Wholesale Carpets, said: “With TrueLayer’s payment links, we can automatically send invoice payment requests from our CRM, and the payments settle in real-time. By using TrueLayer, we’ve been able to save on payment processing costs vs cards. Plus, the end-to-end integration time took less than 48 hours.
“We chose TrueLayer because of their responsive support team, extensive online documentation and GitHub tools which made the integration process quick and easy.”
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