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UK-based Open Banking payments network TrueLayer has partnered with digital lender Jaja Finance to enable credit card repayments
UK-based Open Banking payments network TrueLayer has partnered with digital lender Jaja Finance to enable credit card repayments. As part of the partnership, Jaja Finance will leverage the Open Banking payments network’s solution to extend instant payins.
This will allow customers to make one-off credit card repayments directly from their bank account. The new functionality is already available on Jaja Finance’s Vanta Credit Card and its partner brands, including Post Office, Asda Money Credit Card, and Asda Money Select Credit Card, all of which are linked to Asda’s rewards programme. As emphasised in the official press release, these types of credit repayments are more customer-centric and intuitive, as they feature auto-populating fields that make it unnecessary for the customer to input data manually.
What is more, the payment is reportedly linked to the customer’s bank app. Because the settlement is instant, the repayments are immediately visible in the customer’s bank account. Given its transparency, this feature makes it easy for users to manage their finances.
When discussing the partnership, a representative from TrueLayer explained that Open Banking-powered payments are emerging as a more convenient solution than legacy repayment options as they easily integrate into the customer journey. TrueLayer and Jaja Finance’s strategies and previous developments TrueLayer is an Open Banking payments network that facilitates online payments by combining real-time bank payments with financial and identity data. Its solutions are leveraged by businesses to onboard new users, accept money, and make payouts.
The company’s products span across 21 countries and serve 20 million users. Earlier in 2024, it was announced that TrueLayer joined forces with emerchantpay to provide payments by bank transfer for merchants across the region and Europe. Jaja Finance is a fintech that provides digitally led credit card products.
The company, which is FCA-regulated, combines the technical and digital capabilities of a modern technology business with retail financial services and credit card sector experience. In March 2022, the company completed a GBP 120 million with new majority shareholders KKR and TDR Capital. Subsequently, Jaja Finance formed a partnership with Asda to provide digital reward credit cards to its 18 million customers For more information about TrueLayer, please check out their detailed profile in our dedicated, industry-specific Company Database.
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Jun 11, 2024 14:55
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