The new open banking product aims to combat rising card fraud and waiting times for refunds and withdrawals.
In Brief:
Open banking platform, Truelayer, has launched a closed loop payments product in Ireland, France, Germany, Spain, Lithuania and the Netherlands.
The new product will address rising card fraud which accounted for losses totalling €1.55bn in 2020.
It tackles the issue by introducing instant pay-ins, instant withdrawals and refunds, and dedicated merchant accounts.
What does this mean?
Merchants have long struggled to manage interchange fees, chargeback penalties and manual tracking processes, as well as long waiting times for refunds and withdrawals - impacting both businesses and consumers. The new product looks to reduce both risk and stress around fraud protection.
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