TrueLayer Opens Beta for PSD2-Compliant Payments API

TrueLayer has introduced its latest product: the TrueLayer Payments API. The API enables payments directly from one bank account to another. Not only is the API compliant with the PSD2 Framework, but transferred funds are also received instantly. Integration opportunities for the new API exist anywhere a user or customer needs to receive money.

Once integrated, the payment workflow is straight forward. First, a new payment is created through a POST method in the API. The user is redirected to the TrueLayer URI. Users can select their own bank, or a developer can include/create one as needed. TrueLayer initiates payment with the customer's bank. The API redirects the customer to their bank. The customer authenticates and authorizes the transaction. Finally, TrueLayer executes the payment and the customer is directed back to the original site/app.

Included with that simple API flow, customers can create transaction descriptions that can be paired with unique transaction IDs. Users can also specify both source and destination bank accounts. The API uses active Authentication for the highest level of security. Transactions are irrevocable; so, customers cannot reverse payment.

The Payments API is currently in beta. Sign up here for access. For more detailed information, check out the API site. Stay tuned to the TrueLayer blog for further announcements.

Be sure to read the next Banking article: Plaid's Account Verification Now Available to All US Banks and Credit Unions