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TrueLayer and Anna Money form Open Banking alliance

TrueLayer, Europe’s leading provider of Open Banking and financial APIs, has partnered with business current account and digital admin assistant ANNA Money.

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The partnership will enable ANNA to provide its customers with enhanced Open Banking-based services including account aggregation and financial data which will make VAT calculations via its assistant app much faster and easier.

There are also potential plans to integrate TrueLayer’s Payments API into ANNA’s platform. This will enable ANNA’s customers to also make and receive payments via the cheaper, faster and more secure route of payment initiation.

TrueLayer provides an interface between financial institutions and third-party applications over an API. This allows companies to capitalise on new Open Banking and PSD2 rules by providing secure, clear and simple access to banking infrastructure.

Designed for freelancers and small businesses, ANNA provides a business account and debit card, as well as financial admin, invoicing and tax support.

TrueLayer’s work with ANNA is the first in a series of new partnerships the company plans to announce in the coming weeks which cover a range of different industries.

Francesco Simoneschi, CEO and co-Founder of TrueLayer, said: “This partnership is another great example of Open Banking working exactly as it was envisioned. ANNA is now able to offer two additional services that its customers will find incredibly useful.

“As we’ve handled the regulatory and technical challenges surrounding the Open Banking APIs, ANNA’s team have been able to dedicate all their time and resources to enhancing their product. We’re looking forward to working closely with ANNA on more integrations which will provide even more services to its customers.”

Nikita Filippov, Chief Product Officer at ANNA Money, said: “Companies from start-ups to the established have engaged Open Banking technology with varying degrees of usefulness. It appears the majority of implementations are doing the basics in allowing access to transaction data from multiple sources.

"But we at ANNA don’t think any of this goes far enough to serve customers with anything particularly useful or different. By partnering with TrueLayer we’ll be able to offer new, really useful applications of Open Banking. Or as we call it - Open Banking Plus.”

Open Banking API’s already enable ANNA to simplify and streamline the on-boarding process and in the future with TrueLayer as a partner ANNA anticipates delivering a range of new features which help users from processing invoices automatically to collecting data from multiple bank accounts and Making Tax Digital (MTD) integration.

In February TrueLayer launched Europe’s first Open Banking based Payments API. This followed an extension of its Data API to Germany. Over the last year it has secured a series of major partnerships with companies including Zopa, ClearScore, CreditLadder, Canopy, Plum, BitBond, Emma, Anorak. It also has a number of undisclosed partnerships in the pipeline with major companies in the consumer and financial space that will go live in the next few months. 

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Comments: (1)

Matt White

Matt White North America editor at Finextra

For the record, Token.io's PR firm have been in touch to say that TrueLayer did not launch "Europe's first open banking-based payments API - and that Token.io launched its own in 2016.

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