LONDON, UK: PCI-PAL Plc (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, to announced a partnership with TrueLayer, the international fintech provider of open banking solutions.
Over time the partnership will see PCI Pal make a range of open banking services available to its partner ecosystem and direct customer-base.
Through its integration to TrueLayer’s open banking platform, PCI Pal will be initially adding open banking payment capabilities to its existing suite of secure solutions that cover the entire omnichannel mix found in contact centres today.
The first products are expected to launch in the next few months with the new services empowering PCI Pal customers to offer additional payment options to consumers as well as making their payment processes faster, safer and more cost effective.
Open banking payments allow a seamless and instantaneous payment experience for both the business and consumer, with funds moving between the parties’ banks virtually instantaneously. Risks of fraud and chargebacks1 are also greatly reduced as a result of the Know Your Customer (“KYC”) checks that are an inherent part of the open banking payment process.
Today, open banking is being adopted across Europe, with progress being made in many other regions globally including Canada, Australia, and more recently the US, as the traditional banking market continues to adopt the flexibility of digital banking capabilities.
Commenting on the partnership, James Barham, Chief Executive Officer of PCI Pal, said: “In the last five years, PCI Pal has built up an enviable customer-base, with more than 400 companies using our solutions across multiple continents. We have built up the strongest partner eco-system in our market through our dedication to a partner-first business model and a globally available true-cloud solution suite. As a result, we now play an important role in the facilitation of payments within business communications environments for our partners and customers alike.
“Leveraging this position, we aim to bring the most modern payment technology to our ecosystem, providing our customers with increased choice for optimising revenues, whilst meeting the demands of consumers in the ever-evolving digital payments landscape.
“This new partnership, with one of the leading brands globally in the open banking space, is hugely exciting for PCI Pal as we continue to evolve our product-set and capabilities to build on the foundations we have put in place over the last five years. We look forward to updating customers, partners, and investors as we make further progress with new product initiatives.”