TrueLayer is offering companies the ability to become its PSD2 agents while they wait to get their own RAISP or AISP licenses.
By becoming an agent of TrueLayer, it will mean companies could offer their product to the market quicker by using TrueLayer’s license.
To be accepted, each company will undergo rigorous due diligence and ongoing compliance monitoring programmes to ensure suitability of becoming an agent. The company stated that 50 per cent of applications have already been declined due to not meeting criteria outlined in the compliance due diligence process.
Some of its existing agents are operating within the credit scoring, account aggregation and financial management verticals. Others set to be finalised include startups offering rent verification, expense management, tax services, and personal budgeting.
In a blog post, the company said, “While the appointment of agents increases our risk (and that is why we have an ongoing compliance and monitoring programme on our agents), we believe this is an invaluable way to bring innovation to the OpenBanking economy.
“By supporting companies who are not quite regulatory ready or are awaiting the outcome of their own license application, via an agency model, companies are able to bring their products to market sooner. Consumers get more choice, and the industry blossoms with new products and services.”
The company offers a suite of API solutions designed to help financial services to improve secure access to data and initiate payments in real-time.
Last year, TrueLayer pulled in $7.5m in funding to expand its operations across Europe, with France and Germany its initial targets.
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