TrueLayer, a European open-banking Platform, has announced the launch of a new Verification API that leverages Machine Learning in order to provide developers with onboarding services that are fast and accurate. The company claims results in seconds that are 20% more accurate than data from legacy banks.
Onboarding customers to financial products can often be a time-consuming and error-prone process, leading to bad user experiences and poor business outcomes. The TrueLayer Verification API performs a pre-verification of customer data that it says helps with not only initial onboarding but also with streamlining future payment setups.
The product announcement outlines TrueLayer’s process for verification:
“TrueLayer has developed a verification logic that sits on top of open banking rails. It matches the name supplied during the onboarding process with the name on file at the bank, providing a single Feed that ensures an immediate and highly accurate response on whether their user’s account has been verified or not.”
The company is targeting the financial services, PSPs, wealth management and trading, marketplaces, property, and iGaming industries with this new service. Developers interested in getting started on the platform can check out the API documentation for more detail.