How open banking can help during COVID-19
At TrueLayer, we believe open banking can be a force for good, helping society to advance by streamlining processes, reducing costs, and enabling impactful innovation where it is needed the most.
As I’m writing this, the COVID-19 crisis is spreading across the world, putting people, the economy, and our society at risk. While scientists, doctors, and nurses are fighting on the front line, and governments are putting extreme measures in place, we think that technology must do its part to help in such a critical time.
At TrueLayer, we’ve been thinking of ways that we can put our expertise and technology to work to help support our community and economy. We are experts in operating open banking, and our platform powers a range of use cases that help to reduce manual, in-person processes — from identity verification to payments.Today, we are offering the use of our platform for free to any person or business who wants to use open banking to help in this time of crisis. Here are a few ideas and use cases that we can support:
For the first time in human history, the entire world is focused on one problem.”
- Verifying financial need — open banking can quickly and digitally verify a person’s financial need, helping governments and companies deliver targeted aid. This is especially helpful for the self-employed and people with multiple/variable sources of income;
- Charities — open banking enables charities to receive instant donations without incurring card interchange fees;
- Cashless payments — open banking can completely replace cash payments with a digital alternative that is fast and secure;
- Rapid onboarding and identity validation — we imagine many legal and contracting flows to be disrupted by not being able to identify parties in person. open banking can help verify identity and bank account details digitally and securely.