The process of ensuring that only the authorised bank account owner can permit account access. This is vital for preventing fraud. TrueLayer simplifies this process with a verification layer that links to its Data API.
Account Information Services is the name of the Open Banking service which gives regulated providers access to a customer’s bank account data, for the provision of services to that customer (and only with that customer’s permission).
Open banking protocols and standards
The UK's Open Banking standards, developed by the Open Banking Implementation Entity (OBIE).
The UK’s Competition and Markets Authority, part of whose role is to encourage increased competition in order to improve choice, service and pricing for UK consumers.
Technical terms in open banking
The percentage of time during which an API is available. 99.999% uptime (“five nines”) is considered the gold standard.
TrueLayer products and features
A way of tracking the authentication journey using TrueLayer’s Auth Analytics API. This helps improve conversion by understanding how far through the authentication journey a user has progressed.