TrueLayer to Take Open Banking Mainstream

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Key Takeaways:

  • TrueLayer to take open banking mainstream addressing the pain points of manual bank transactions.
  • A lot of the work is focused on improving user journeys so that open banking is user-friendly.
Truelayer To Take Open Banking Mainstream
TrueLayer to Take Open Banking Mainstream

TrueLayer’s Head of Public Policy, Jack Wilson, an ex-FCA advisor, says he’s in charge of coordinating how the company “influences” public policy (government and regulators) to create the right conditions for the company’s expansion across the United Kingdom, European Union, and internationally.

Wilson noted that much of the effort focused on “pushing for improved user journeys so that open banking works well for customers.”

He also mentioned that he left the Financial Conduct Authority (the UK’s banking regulator) in 2019 to join TrueLayer.

Wilson said he’d been working on open banking regulatory implementation, “particularly on how the APIs would work in practice.” Following that, he thinks it was a clear and exciting choice to join a company that was putting these APIs into action.”

Wilson went on to say that he spends a lot of time collaborating with TrueLayer professionals to figure out what their roadblocks are, and then “externally with trade organisations and authorities to try to solve those roadblocks.”

“Pushing for complete coverage of quick payments across the EU, providing proof of open banking barriers to EU authorities, and ensuring the development of open finance unlocks new use cases for our clients,” for instance.

Wilson continued, 

“TrueLayer will mainstream open banking payments, addressing all of the drawbacks of manual bank transfers and card payments, from fraud and scams to clumsy user journeys.”

TrueLayer has also granted Wilson “the autonomy to construct a public policy team from the ground up,” according to Wilson.

He describes having this duty and the ability to create his own goals and strategy as “very motivating.”

TrueLayer, one of Europe’s Open Banking platforms, established a partnership with Spanish broker Ninety Nine in November 2021 to provide an upgraded open banking payment experience.

Ninety Nine’s declared purpose is to “empower their connection with their money” through educating people on investing.

It offers a user-friendly and accessible long-term investing platform that is “made for everyone who wishes to invest their own way.”

Last year, Crowdfund Insider received an update that stated:

“Like many other investing platforms, it has witnessed a significant growth in customer sign-ups, particularly among millennials eager to invest in well-known multinational firms like Apple, NVIDIA, and Tesla.”

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Chetna Prakash