Introducing our Data API: your instant access to global open banking

Our Data API empowers any business to seamlessly integrate financial data using global open banking.

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Australians are asked to hand over sensitive financial data for everything from mortgage applications to opening a new credit card. But until now there hasn't been a standardised, secure way to do that. Open banking is changing this with a new ecosystem that not only allows consumers to share only the specific data necessary and for a time-limited period, but in a way that makes them confident it'll be kept safe.The status quo is not good enough, and that's why we've built our Data API to help companies and their customers use open banking around the world and in Australia via the Consumer Data Right (CDR).The Data API will give TrueLayer's customers the power to obtain financial information from their own customers and use it to verify a whole range of information, from transaction data to income and expenses, to details as simple as ensuring BSB and account numbers are correct. All of those admin-heavy processes can be streamlined with a few clicks of a button.Here's what it could do for your business:
  • Amplify customer loyalty by speeding up identity verification processes from the current standard of 3-10 business days.
  • Reduce the risk of returned payments and transaction failure by verifying account balances and alerting users before they are due to make a payment.
  • Ditch manual verification processes by accessing only the data you need via a single API.
  • Streamline due diligence by using transaction data to verify customer income and expenses.
  • Reduce the risk of fraud by verifying the customer’s name with a bank.

The data problem

Traditional methods are not secure for customers From roundup apps that request login details for consumers' bank accounts to lenders that ask for months or years worth of bank statements – via email – Australians are only too familiar with being asked for their financial information and not knowing where it goes. But with a number of Australian banks coming out against screen scraping, where customers hand over their login details, and consumers becoming more aware of the cybersecurity dangers of sending information via insecure online channels, Australians are set to start asking even more questions about how their data is treated. 

Australians want to know what personal information is collected, where it's held, and how it's protected, and are increasingly questioning data collection that doesn't explain exactly why it's being collected or for what it's being used.

OAIC's 2020 Australian Community Attitudes to Privacy Survey
Verification is a drawn out process for everyoneVerifying that a person does own their bank account, is spending what they say they are, or has given the correct card or account numbers is a long, drawn out process. To open a business bank account, it can take as much as 10 days for compliance teams to review and validate a new business owner’s identity documents. Current processes add costs to businesses in the form of staff and for customers who may miss out on a share trade, if they're opening a new trading account, or worse – a house purchase because their bank hasn't been able to approve a mortgage in time. That's not even mentioning when a person enters a wrong number and has to start the whole process again.

So, we’ve built a solution: the Data API

TrueLayer's Data API offers trusted access to financial data. We provide a secure link between the banks (Data Holders), You and your consumer.The process is simple:
  1. Your consumer is directed to an open banking screen and selects the bank they want to use via your app. 
  2. They are shown a screen that tells them how the process works, how the data will be used and how long it will be held for, who is collecting it, and how they can manage those permissions.
  3. The consumer then has to actively select which data they want to share before hitting 'allow'.
  4. The consumer is then redirected to their bank's page which asks for a customer ID, and that will allow them to start sharing the data with their chosen third party. 
  5. The consumer is redirected seamlessly back to your app.
With just a few clicks, consumers no longer have to root through excel spreadsheets for the right bank statements, businesses no longer have to filter out the information they don't need, and verification processes are cut from days to minutes. What's not to love?

Is it for my business?

TrueLayer's Data API serves any business that wants scalable, automated access to consumer-permissioned data to improve their customer experience. We've designed it with ecommerce, wealthtech and trading, personal financial management, marketplaces, and crypto in mind. The most common use cases include:
  • Verified paymentsImprove payment conversion by seamlessly onboarding your customers and instantly verifying identity information and validating bank account balances before processing payments.
  • Accelerated loan approvalsBecome the lender of choice for everything from mortgages to business loans by being able to approve credit based on real-time information in minutes, rather than days. 
  • Personalised budgeting and insightsIncrease user engagement by offering truly personal analysis and advice on spending and budgets.
  • Frictionless customer onboarding Make customers fall in love with you from the very start by streamlining the onboarding process. 

How will my customers benefit?

The paperwork burden is slashed. Instead of collating lengthy PDFs of bank statements or emailing tax returns, customers can permit access via a simple, secure process. There's no more waiting for days to be verified. Verification of bank account ownership or identity can be near-instant.

We built our Data API to give you instant access to CDR and open banking

By removing those pain points around time to approval, failed payments, or even just a lengthy onboarding process, you can create a compelling value proposition for your customers. Using a Data API from a company with six years of open banking experience in the UK and Europe will allow you to access and use Australia's wealth of financial data at scale. It’s why the likes of Douugh, Revolut, Cazoo and Nutmeg trust us as their open banking payments provider.So if you’re ready to start your journey into open banking, speak to one of our experts today
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