PassTo and TrueLayer team up for Open Banking innovation
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| The European | 12 October 2020
London’s latest Fintech startup, PassTo, has announced the launch of its Open Banking feature in partnership with market-leading financial API (Application Programming Interface) provider TrueLayer, to offer Open Banking-based payments to its UK customers.
Launched in late 2019, PassTo has delivered a reliable money transfer service to expats living in the UK. After the success of PassTo’s latest campaign aiding expats in the UK, and with a transfer amount growth rate up as high as 300% over the last three months, it is now teaming up with TrueLayer to deliver the benefits of Open Banking.
Powered by TrueLayer’s Payments API, PassTo can now offer an improved user experience, streamlining the end-to-end process of depositing and transferring money. Rather than funding transfers by bank deposit, which can take a few minutes, users can now securely and seamlessly connect a funding source to PassTo, enabling them to make instant deposits from inside the app.
AbdelRahman El-Sergani, Vice President of PassTo explained how delighted he was to have finalised the partnership with TrueLayer, as everyone in PassTo has the ambition and dedication to grow the business by ensuring it delivers the best possible user experience.
“By working with TrueLayer, PassTo has added an Open Banking feature which will have a positive impact on customers’ experience inside the application, delivering new levels of convenience and ease of use,” he said.
PassTo has a clear objective to increase financial inclusion through its mobile app, saving time, effort, and money by simplifying money transfers currently for expats living in the UK, reducing unnecessary costs and delays, protected by the highest levels of security. ν
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