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News and resources on payments systems, innovations and initiatives worldwide.

UK government embraces Payment Initiation with TrueLayer appointment

The UK government has given financial API provider TrueLayer the green light to provide public sector organisations with its Payment Initiation Service (PIS).

2 comments

UK government embraces Payment Initiation with TrueLayer appointment

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The firm has been appointed to the government’s Crown Commercial Service’s Payment Acceptance Framework. Any government organisation can now set up with TrueLayer to accept payment via the Payments API.

TrueLayer says PIS is faster, more secure and has much lower transaction costs than nearly any other payment method. And, because it does not require credit or debit cards to complete payments, it will also help individuals with limited access to financial services access government services.

Francesco Simoneschi, CEO, TrueLayer, says: "A new means of payment may, on the face of it, seem like minor news. However, widening the way people can make and receive payments from the Government is very important.

"A significant number of individuals simply don’t have access to credit and debit cards. This can essentially lock them out of a lot of public and business services. Payment Initiation solves this problem. It is also much faster and cheaper and if adopted across the public sector, could save taxpayers’ a huge amount of money."

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Comments: (2)

A Finextra member 

Did the UK never implement the Payment Account Directive? According to it anybody lawfully residing in the country is entitled to get a payment account and the basic payment instruments attached to it (bill payments, direct debit service and debit card) also available in on-line service if the institution is offering on-line banking. Therefore the statement that "a significant number of individuals don´t have accdess to debit cards" is strange.  

Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions

UK has 94% Credit Card penetration and, arguably, >100% Debit Card penetration. Maybe it's only me but I find it hard to understand how "A significant number of individuals simply don’t have access to credit and debit cards." 

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