TrueLayer appoints former PayPal director Michael Brown as head of e-commerce
Former PayPal director Michael Brown has been appointed to head of e-commerce at the London-based open banking payments network TrueLayer.
In his new position, Brown will be tasked with leading the company’s vertical push amid the increased demand for open banking payments among firms.
He led a similar endeavour during his decade-long career at PayPal, where as former director of UK enterprise sales, he led the company’s growth strategy across verticals in retail, travel and grocery, among others.
Brown also served as the company’s head of digital goods, where he worked closely with its portfolio of merchants and was a member of its Emerging Leaders programme.
Preceding this experience, he also held various positions in strategic partnership and business development during his four years with Nokia.
Speaking on his latest appointment, Brown acknowledges how open banking payments hold the potential to “transform customer experience in e-commerce”, alleviating the barriers encountered by merchants through legacy systems and outdated card infrastructure.
“We are seeing increasing adoption of open banking by merchants and consumers alike and I am incredibly excited about the opportunity for TrueLayer in e-commerce, as Europe’s leading open banking payments network.”
This statement correlates with the company’s latest research, the Payments Experience Playbook, which highlighted the true cost of poor payment experiences to merchants.
In this, it found that 56% of merchants are experiencing a decrease in conversion rates as a result of strong customer authentication (SCA) requirements. It also uncovered how 87% of consumers are currently experiencing “frustration” with payments.
“Mike has a solid track record in driving growth across verticals and in building and leading high-performing teams,” adds Francesco Simoneschi, CEO and co-founder of TrueLayer. “We are really happy to welcome him to TrueLayer as we continue to accelerate adoption of open banking payments in e-commerce and retail.”