Open banking platform TrueLayer has launched a new verification feature designed to improve the onboarding process.

The Verification API combines open banking and machine learning with the aim of making onboarding more seamless. According to TureLayer, the API’s success rates are over 20% higher than credit bureaus and 10x faster than manual bank statement checks.

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Ossama Soliman, chief product officer at TrueLayer, said: “Verification is the first step to onboarding a new user and yet it can often take days to verify an account owner using traditional methods. Their security is questionable, they’re prone to errors and they take forever.

“It doesn’t need to be that way. With the Verification API we’ve built on top of open banking to create a faster, more secure and more accurate approach to verifying a user’s account. It serves businesses across multiple industries, including financial services, PSPs, wealth management and trading, marketplaces, property and iGaming.”

TrueLayer Verification API benefits

TrueLayer’s Verification API delivers benefits, including:

  • An accelerated onboarding process from three days to just three clicks.
  • Coverage spanning all major banks, resulting in a 22.5% higher success rate compared to credit bureau checks.
  • Lower fraud risk through embedded Strong Customer Authentication within the bank verification flow.
  • An improved user experience, with a simple redirect to their banking app to confirm account ownership with a fingerprint or Face ID.
  • Reduced payment failures by using pre-verified account details.
  • Reduced burden on compliance teams by automating checks through a single API call.
  • Reduced burden on engineers who can focus on solving core business problems, rather than building and maintaining name-check logic.

Currently, multiple TrueLayer clients are using the Verification API, including Authologic – a Y Combinator-backed provider of identity verification solutions.

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Jarek Sygitowicz, co-founder of Authologic, said: “Whether you are a fintech, a marketplace, or an ecommerce platform you want to deliver the best possible onboarding experience. We are aggregating different identity verification methods and we are big supporters of using open banking.

“Working with a market leader like TrueLayer to integrate its Verification API will help us to further strengthen the identity verification process for our customers.”

The move from TrueLayer comes only two months after the fintech raised $70m in its Series D funding round. At the time, TrueLayer said it would use the capital to support its global expansion and further develop open banking-based services.