App2app payments have landed in Spain – and conversion just jumped 10%
Open banking payments are now quicker and easier in Spain.
Since the rollout of open banking in Spain in 2019, fintechs have focused on using bank data to give Spanish consumers more visibility and control over their finances – for example, we’ve been working with on their smart savings service there. Few Spanish businesses have offered open banking payments however, because the payments experience has been lacking. Until now. With the roll out of app2app authentication, open banking payments are now much quicker and easier. TrueLayer processes more than half of all open banking payments in Spain, for businesses including , and . We’re the only open banking provider to support app2app journeys for all the Spanish banks. In this blog, we’ll cover what has happened in Spain, the impact and what’s next.