TrueLayer named an open banking leader by Forrester
The Forrester New Wave™: Open Banking Intermediaries Q1, 2021 report named TrueLayer a leader and recognised our differentiated payments capabilities.
Forrester’s report is the first of its kind to examine the market of open banking intermediaries and its major players in-depth.
The report assessed providers that offered a standalone solution for open banking which supports PSD2, showed broad features and functionality and proven client adoption. The selection of providers covered by the report was also driven by requests from Forrester clients.
We’re proud to have been named a leader and to have our payments expertise recognised. We’re also delighted that Forrester highlighted our collaborative and developer-centric approach. It’s a validation of our strategy and the work we do for our clients, but it also makes us even more determined to deliver more!
What did Forrester say?
In a competitive market, Forrester noted several areas where we impressed, including:
Differentiating payments and consent capabilities“TrueLayer focuses on solving end user problems, visible in its “compelling” customer consent flow, which has a customizable user experience out of the box. Payments solutions are differentiating.”
The obvious choice for open banking payments in the UK and EuropeForrester states that TrueLayer “will suit payment-centric firms, particularly in Europe. A big footprint with many of the leading banks in the UK and Ireland make it an obvious choice for this market.”
Developer-centric approachWhen it came to how we work with clients to help them integrate open banking solutions, Forrester noted: “developers will like its portal, comprehensive FAQs, and community guidance”.
Strong client track record and collaborative approachCustomer references noted that TrueLayer is a highly collaborative organisation, with a strong track record. One stated: “Their solution is cost-effective and easy to integrate. Their mobile app-to-app consent flow is a compelling experience.”
What is an ‘open banking intermediary’?
When open banking launched across the UK and Europe, it was thought there would be no need for intermediaries, since regulated businesses could access bank APIs directly. In reality, fragmentation in how banks have implemented APIs has meant that intermediaries now play a critical role in the open banking ecosystem.
Intermediaries take care of the connectivity to bank APIs, packaging together and maintaining connections to hundreds of banks in a single API for clients. Merchants get to market faster and instead of having to build and maintain bank connections, they spend their time developing value added products and services.
What’s next for our products?
At TrueLayer, we do more than aggregate APIs – we’re focused on adding value on top of open banking and solving more complex problems for our clients. For example, our goes beyond Payment Initiation, combining account verification and instant payments with instant payouts.
We’re building the world’s most valuable open banking network with a focus on quality: that means API-first, reliable connections, quality user flows with high conversion, enriched and broad datasets and value-added services.
We’ll be launching new open banking based capabilities this year and we’ll continue to expand our network, adding broader and deeper connectivity across Europe and beyond. Watch this space!