TrueLayer is a London startup that has built a developer platform to make it easy for FinTech companies to access bank APIs. The TrueLayer developer platform currently supports account verification, KYC processes, and accessing transactional data for account aggregation, credit scoring, and risk assessment. It is available in the U.K., and says it will expand to other EU countries later in 2018.
The API will start offering additional bank services beyond data, including payment initiation and the full scope of the opportunities enabled by PSD2 and Open Banking.
Once the startup has attained the appropriate PSD2-related licences from the UK regulator, TrueLayer hopes to be able to act as an “umbrella license”, making it the regulatory as well as technical gateway for fintech startups and other kinds of businesses.