TrueLayer

At a checkout with pay by bank, the customer chooses a bank, confirms the payment in the banking app, and the bank sends the money as an instant transfer. TrueLayer works as the payment initiation service between merchant and bank, so the customer never types in card numbers or account details. Payments of this kind are account-to-account payments, because the money moves from one bank account to another without a card network in between.

TrueLayer reports an annualized payment volume of more than $150 billion and says that it handles almost half of all pay by bank payments in the UK. Ryanair, Revolut, Amazon and eBay are among the clients of TrueLayer. eBay added pay by bank to its UK checkout in February 2026, with TrueLayer as the provider. In Ireland, TrueLayer powers more than 90 percent of all open banking payments and has had direct connections to all major Irish retail banks since 2020.

Bank on File is the TrueLayer name for variable recurring payments (VRP), where the customer gives consent once in the banking app and later payments run without a new confirmation. The amount may change from one payment to the next, for example with a utility bill or the monthly top-up of an investment account, and the customer can cancel the consent at any time. TrueLayer separates sweeping VRP, which moves money between accounts of the same person, from commercial VRP, which pays a merchant.

TrueLayer launched Bank on File in the UK in June 2026 with Trading 212, IG Group, InvestEngine and the East Lothian Housing Association, which collects rent this way. These were the first live payments under the UK Payments Initiative, which the Financial Conduct Authority set up together with more than 30 UK banks and fintechs. TrueLayer states that it processes more than 60 percent of all VRP transactions, which run on the open banking infrastructure of the UK.

TrueLayer Payouts sends money from a business to the bank account of a customer, for refunds, withdrawals, winnings or earnings. One API covers 22 European markets in pounds, euros and Polish zloty, and the transfers run over Faster Payments in the UK and SEPA Instant in Europe, so the money usually arrives within seconds. Automatic retries, queuing and rerouting during bank outages raise the success rate of payouts to 99.1 percent, according to TrueLayer.

Signup+ combines a first deposit by bank with identity data: the new customer pays from their own account, and TrueLayer returns the verified name, address and date of birth. Betting operators and investment platforms use it to open an account in under 60 seconds without long forms. The Verification add-on checks that the account receiving a payout belongs to the person whose account sent the deposit.

TrueLayer Limited, a company registered in England and Wales, is authorized and regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, with firm reference number 901096. The FCA selected TrueLayer as one of 21 companies out of 199 applications for its Supercharged Sandbox, where TrueLayer tests from 13 July to 31 December 2026 how AI agents can start pay by bank payments on behalf of consumers.

For the European Union, TrueLayer (Ireland) Limited holds a payment institution license from the Central Bank of Ireland, which authorized the company in August 2021 when TrueLayer opened its European headquarters in Dublin. Pamela Fegan has led TrueLayer Ireland as CEO and European General Manager since May 2026, and the Dublin office on Schoolhouse Lane houses the compliance, risk, financial crime and regulatory teams for Europe. Under PSD2, a license from one member state lets a payment institution serve customers in the other EU countries as well.

TrueLayer completed the takeover of Zimpler, a Nordic payments provider, in March 2026 after approval by the Swedish Financial Supervisory Authority, and extended its network to the Nordic markets. In May 2026 TrueLayer bought in3, a Dutch provider of buy now, pay later. TrueLayer says this makes it the only pay by bank network in Europe that offers both debit and credit at checkout. SumUp uses TrueLayer for account top-ups in the SumUp App in the UK, Ireland, Germany, France, Spain and Italy.

In October 2026, CDP Venture Capital, part of the Italian Cassa Depositi e Prestiti group, led an investment of $27 million in TrueLayer. About 70 people, roughly a quarter of all TrueLayer staff, work in Italy, and Milan is a core engineering site of the company. Francesco Simoneschi, co-founder and CEO, said on that occasion that Europe deserves payment infrastructure built in Europe.

TrueLayer is a London payments company that connects merchants to the bank accounts of their customers, so that people can pay, receive money and set up recurring payments by bank instead of by card. Francesco Simoneschi and Luca Martinetti founded the company in 2016, and TrueLayer is now live in 22 countries.

TrueLayer is regulated as a payment institution by the Financial Conduct Authority in the UK and by the Central Bank of Ireland in the EU. The customer confirms every payment or consent in the app of their own bank, and under the TrueLayer terms for Amazon customers neither TrueLayer nor Amazon can see or access the bank login credentials.

TrueLayer (Ireland) Limited is the Irish company of TrueLayer, regulated by the Central Bank of Ireland, with its registered office at 2 Grand Canal Square in Dublin. The company holds the license for the European Union, while TrueLayer Limited in London holds the UK license from the Financial Conduct Authority.

Amazon and eBay both accept pay by bank with TrueLayer as the provider, and eBay launched the option for UK buyers in February 2026. Under the TrueLayer terms for Amazon, the customer starts a payment from their bank account to Amazon and can also set up a Direct Debit mandate, so that later Amazon orders need no new confirmation in the banking app.

TrueLayer is live in 22 countries, and its payouts reach 22 European markets in pounds, euros and Polish zloty. Account top-ups for SumUp run on TrueLayer in the UK, Ireland, Germany, France, Spain and Italy, and the takeover of Zimpler added the Nordic markets in 2026.