Payments and financial platform Airwallex has announced a partnership with the Open Banking platform TrueLayer to deliver payment solutions for businesses. TrueLayer is set to leverage Airwallex’s global payments and financial infrastructure API to create new products and services on a global scale.

As payments powered by TrueLayer already provide clients with closed- and open-loop options throughout 15 European markets, with this collaboration, the company will provide improved real-time payments and treasury options, aiming to maximise ROI for merchants. Payments infrastructure and the TrueLayer – Airwallex collaboration impact Based on the information provided in the press release, TrueLayer’s customers are to benefit from Airwallex’s extensive local infrastructure to further provide instant, low-cost payments, whereas Airwallex’s customers are to benefit from instant, secure account-to-account (A2A) payments, thus removing the need to enter card or bank account details, together with the risk of human error. The collaboration comes at a time when the demand for Open Banking is increasing, with over 7 million users in the UK alone, as per the Open Banking Implementation Entity (OBIE).

The growth is expected to continue, with OBIE estimates suggesting approximately 63.8 million Open Banking users by 2024 throughout Europe. Commenting on this, Jake Reeves, Head of Payment Infrastructure at TrueLayer advised that as the company’s client base grows both in sophistication and complexity, it is looking to collaborate with firms that complement its approach to payments. The official believes Airwallex to be the ‘perfect partner’ for supporting their mission of changing how the world pays, adding that together, they aim to simplify cross-border, multi-currency Open Banking payments, reconciliation, and related back-office processes.

Ryan O'Holleran, Head of Sales, Enterprise, EMEA at Airwallex added that the company selected TrueLayer for its coverage and Open Banking technology to support its global customer base. What is more, the spokesperson believes the integration benefits clients by providing them with modern infrastructure to enable businesses no matter the size to grow beyond borders. Airwallex, TrueLayer strategy and offering A global payments and financial platform for modern businesses, Airwallex is trusted by companies throughout the world to manage everything ranging from payments, treasury, and spend to embedded finance in a single platform.

A European Open Banking payments network, TrueLayer powers increasingly smart, safe, and fast online payments by combining real-time bank payments with financial and identity data. All-sized businesses leverage their products to onboard new users, accept money, and make payouts in a matter of seconds, at scale. For more information about Airwallex and TrueLayer, please check out their detailed profiles in our dedicated, industry-specific Company Database.

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