Next-generation recurring payments, with TrueLayer’s Bank on file
With Bank on file, cut failed payments, keep cash flowing smoothly, and take the hassle out of operations. The result? Happier customers who stick around longer.
)
Traditional recurring payment methods are costing you time, money and customers.
Recurring payments are typically done using card-on-file or traditional direct debit. Both have their benefits and drawbacks, but neither were built for the digital age, leading to recurring payment experiences that are slow, expensive and hurting customer loyalty.
Challenge #1
Direct debit and card-on-file payments have slow settlement times, which hampers cash flow.
Challenge #2
Consumers have little visibility or control over recurring payments, and are wary of subscription traps.
Challenge #3
Card payments can fail due to lost or expired cards, causing a headache for you and your customers.
Challenge #4
Card payments can be costly, with high fees and high operational costs to contend with.
The future of recurring payments, in a single API.
Our orchestrated API streamlines the best payment technology into one seamless integration, scaling with you when new innovations arrive. We intelligently route your transactions through the optimal payment rail, combining the security of Direct Debit with the instant, flexible power of Variable Recurring Payments (VRP).
)
No missed payments
Card payments can fail due to lost or expired cards. Bank on file connects straight to your customer's bank account, meaning less frustration for them and no missed payments for you.
Exceptional conversion
Traditional recurring payments are painful for customers to set up. Bank on file saves time by removing manual data entries, and verifying ID in one simple first-payment experience, transforming conversion rates.
Flexible payments
Bank on file gives customers the checkout choice they want. From fixed plans to variable payments, you get to give your customers the freedom to organise the best plan for them.
Lower costs
We eliminate dependencies on cards, bringing you efficient alternatives to card-on-file. Bank on file cost less per transaction, and you can prevent failures by confirming customers have funds before taking payment.
Bank on File has use cases for any industry
Subscriptions
Bank on file subscriptions do things differently for your customers. We’ve made them easy to set-up, highly visible, and easy to cancel. So simple, flexible payment plans are now the new normal.
Money management
Whether customers are saving, repaying loans or topping-up accounts, we’ve sped up the process while keeping it simple. Our seamless API moves funds in real-time and deposits immediately.
One-click
With long-living mandates we can simplify payment experiences to a gratifying ‘one-click’, which customers love using. Conversion rates go up and customers keep coming back.
Financial services
You can now cost-effectively offer customers the opportunity to spread their payment into multiple instalments. That’s good for business and a great customer experience too.
Why work with TrueLayer?
TrueLayer is the payments provider leading the recurring payments revolution.
)
Merchant-centric innovation
At TrueLayer, we’re not just using the next wave of payment technology; we are creating it. We work closely with regulators and partners across the industry to push the boundaries of VRP, shaping a more innovative and resilient payments ecosystem for everyone.
Deep relationships with regulators and banks
TrueLayer’s close working relationships with regulators and banks enables us to drive policy changes and create merchant-friendly innovations, including VRP — the underlying payment technology behind Bank on file.
Independence from card networks
A true alternative to card payments means real independence from card schemes. TrueLayer, unlike other Bank on file providers, remains an independent provider.
See how merchants use TrueLayer
Our integration experience was excellent. TrueLayer has a structured approach whereby they provide us with a framework. They gave us clear communication from start to finish which helped us navigate through all the various phases from development.
Read the case studyHeather Le Quesne
Head of Finance operations
)
What I liked the most from working with the TrueLayer team is the competency they possess and their forward-thinking. They acknowledge and prioritise what is relevant for us in terms of our business goals.
Read the case studyNicola Bettari
Fintech and Payments Director
)
FAQs
Everything you need to know about Bank on file
Bank on file lets businesses collect payments directly from a customer’s bank account with the customer’s consent. Instead of manually approving every transaction, the customer gives permission once and then future payments that fit the agreed rules can happen automatically.
Talk to us
Fill in the form below, and see how TrueLayer can help you make the most of Bank on File for recurring payments.