TrueLayer teams up with digital lender for credit repayments

European Open Banking payments network TrueLayer has formed a partnership with digital lender Jaja Finance to enable “fast, frictionless” credit card repayments.

Using TrueLayer’s ‘Payments’ product, Jaja will be able to offer instant pay-ins so that customers can make one-off credit card repayments directly from their bank account.

The functionality is already live on Jaja’s ‘Vanta’ credit card and its partner brands, including Asda Money credit card and Asda Money ‘Select’ credit card, both of which are linked to the supermarket’s reward programme.

By linking the credit card repayment to an individual’s bank app, settlement is instant and repayments are reflected in a bank account immediately.

Mariko Beising, vice president of financial services and partnerships at TrueLayer, said: “Open Banking-powered instant payments are a simpler, safer and more intuitive option than legacy repayment methods, and they integrate seamlessly into the customer journey.

“TrueLayer is attractive to companies that value the customer experience. With its commitment to best-in-class technology and customer-centric products, Jaja consistently prioritises their end users. We’re proud to partner with them on fast, frictionless credit repayments.”

Ahead of the announcement about the partnership, 50% of Jaja customers had chosen TrueLayer’s account-to-account payments over other single payment options.

According to Lucas Dalglish, Jaja Finance’s chief commercial officer, customers are increasingly looking for “heightened sophistication in the way they make their payments”.

“TrueLayer’s Open Banking-powered instant payments capabilities means we can continue to harness the future of payments while optimising our technology and enhancing our customer’s user experience,” Dalglish added.

At the start of 2024, TrueLayer became the first company to join the SEPA Payment Account Access Scheme (SPAA), led by the European Payments Council.

At the time, TrueLayer said the scheme will “redefine the landscape” of account-to-account payments in Europe.