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TrueLayer and Cazoo collaborate on payments

TrueLayer, an open European banking platform, has announced a new partnership with Cazoo. The online UK car retailer will benefit from TrueLayer’s streamlining of its payment services, making it easier for customers to order and pay for products online. More importantly, it will allow Cazoo to issue refunds more quickly.

“With repayments, there is a high level of financial anxiety if you don’t immediately get thousands of dollars back from your bank account,” Jonathan Howell, Cazoo’s chief technology officer, said in a statement. “The ability to repay that money quickly, transparently and without friction creates a superior customer experience. “

Related: TrueLayer: The Key to Instant Refunds to Bring Open Bank Payments

Going forward, Cazoo’s new payment system will be powered by TrueLayer’s open banking payment method, PayDirect.

In addition to issuing instant refunds, PayDirect offers open banking tools such as account verification, instant account funding, instant withdrawals, and immediate refunds. The goal is to correct a number of customer weak points.

“Cazoo understands that consumers are increasingly dissatisfied with the traditional ways of buying or selling a used car. He’s an industry innovator, committed to making the end-to-end process, including checkout and payments, as easy as possible, ”said Roger De’Ath, Head of Ecommerce at TrueLayer. “With TrueLayer supporting instant bank payments for purchases and the ability to process instant refunds through PayDirect, he has created an incredibly powerful proposition. “

The news comes after steady growth within the company, following the announcement that Clément Boulais, a sales director, will oversee operations in France. Boulais will seek to connect TrueLayer with the largest financial institutions in the country.

Read also : TrueLayer in UK hires former startup manager as CEO in France

In April, TrueLayer received $ 70 million in additional funding from new investor Addition and others to accelerate its global expansion.

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NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021

On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.