Truelayer signs payment initiation deal with UK government
Open banking and payments firm TrueLayer has been added to the UK government’s Payment Acceptance Framework, enabling it to provide payment initiation services (PIS) to public sector firms.
According to AltFi, TrueLayer was approved by the Crown Commercial Service (CCS), the executive agency and trading fund of the Cabinet Office in the UK government.
The CCS launched the Payment Acceptance Framework in October 2019 with the stated goal of delivering a range of payment acceptance services based on Open Banking standards.
It replaced the Merchant Acquiring Services, Equipment and Payment Gateway Services framework.
TrueLayer CEO, Francesco Simoneschi, believes that the news means a widening of ways in which people can make and receive payments from the government is vital.
He tells AltFi that a “significant” number of individuals don’t have access to traditional avenues like debit or credit cards.
TrueLayer, which also offers account aggregation services, has been integrated at a number of up and coming fintechs and financial institutions, including UK challenger Tandem and payments unicorn Revolut.
Founded in 2016, the firm has raised around $46.8 million from four funding rounds, with the last coming in June 2019 to the tune of $35 million.
It was also selected among a bevy of fintech firms for an international cooperation programme led by the Department for International Trade (DIT), which saw it showcase its product in Australia and Hong Kong.