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From 3 days to 3 clicks: TrueLayer launches Verification API to deliver an effortless onboarding experience

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From 3 days to 3 clicks: TrueLayer launches Verification API to deliver an effortless onboarding experience
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  • Built on top of open banking, the new API delivers a significantly better onboarding experience, with 90%+ of good actors successfully verified in 3 clicks.

TrueLayer, Europe’s leading open banking platform, announced the launch of a new approach to account ownership checks with its Verification API.

Combining open banking with machine learning, the Verification API makes onboarding effortless with success rates that are over 20% higher than credit bureaus and returning a result in seconds, rather than days, compared to manual bank statement checks. By pre-verifying customer’s details, it also simplifies payments setup meaning no more failed transactions.

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

“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 thanks to its ability to make the entire process more intuitive. 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,” commented Jarek Sygitowicz, co-founder of Authologic.

Traditional verification methods such as bank statement uploads are slow, error prone and create a poor user experience. While open banking offers another approach, existing providers provide access to raw data that requires businesses to then build and maintain their own logic to check that the customer’s name matches their name on file at the bank.

TrueLayer’s Verification API removes these issues. Rather than the time consuming and resource intensive task of building a matching engine, TrueLayer has developed a verification logic that sits on top of open banking rails. It matches the name supplied during the onboarding process with the name on file at the bank, providing a single feed that ensures an immediate and highly accurate response on whether their user’s account has been verified or not.

As a result, the Verification API delivers significant benefits, including:

  • An accelerated onboarding process from 3 days to just 3 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.

“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,” commented Ossama Soliman, Chief Product Officer at TrueLayer. “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.”

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Barcelona will take ‘extraordinary ICE to another level’ – predicts safer gambling expert

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Art Paikowsky has served as President of the International Center for Responsible Gaming (ICRG) since October 2021.  During this period, he has helped to more than double the level of resources secured by the organization resulting in over 25 studies currently being conducted. At ICE 2024 the ICRG was one of two safer gambling organisations to share the £41,000 pool raised by brands comprising Light and Wonder, Flutter, Betsson Group, IGT, Novomatic, Neccton and Playtech.

What are your overall impressions of ICE and how much are you looking forward to its relocation to Barcelona?

AP: “ICE itself is an amazing seamless exercise that is so fantastically well planned that it’s almost unbelievable.  With the continued upgrade in content, I believe that Clarion is committed to improvement which I have experienced each year.  Barcelona is one of my personal favorite European cities, the conference center is in an excellent location and the food is to die for. I can only expect that the move will take an already extraordinary event to another level.”

Have you decided how you will be using the £20,500 – is there a specific project or piece of research that it will fund/help fund?

AP: “We were surprised and elated to receive the award and we are very grateful to Clarion for all that it has done on behalf of ICRG.  One of the methods of funding research is that investigators from all over the world apply for grants from our unrestricted funds.  These requests are reviewed independently by the Scientific Advisory Board and are awarded several times throughout the year.  These funds are a significant allocation to our grant pool.”

How important is it for a major b2b gambling event to have a show feature that’s dedicated to safer gambling?

AP: “Even as recently as a couple of years ago at conferences that I attended it was difficult to locate anything featuring safer gambling.  Not only did ICE feature this important topic but the content was of such value that it was difficult to get a seat at the sessions! Thanks should go to Clarion for its leadership here.”

From a safer gambling perspective what were the main talking points at ICE 2024?

AP: “The UK government’s White Paper was very much in the mind’s eye and there was a great deal of attention as to how technology might impact safer gambling.  Our research has identified emerging adults as an at risk market and the accessibility of gambling options on the phone must be examined more closely: we have several studies underway to learn more about this.  Sports betting, regulation and advertising were all top of mind.”

2024 marks your 25th anniversary year – how good was it to celebrate the landmark at ICE?

AP: “One of the things that I noted when I started at ICRG two and a half years ago was that the organization had done terrific work but generally flew under the radar screen.  To launch our 25th anniversary year at ICE with the exposure that we received and the recognition as Charity of the Year was of tremendous value.  This will help stage both our 25th anniversary golf tournament in May in Las Vegas as well as our signature educational conference scheduled in October.”

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Endorphina releases its newest title – Jolly Queen!

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Endorphina releases its newest title - Jolly Queen!
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One of the top casino game providers, Endorphina, has announced the release of its brand-new title, Jolly Queen, which will join its portfolio on April 27th. Jolly Queen is a 5-reel, 5-row fruit slot with 50 fixed paylines, introducing players to the lifestyle of the nobles.

On top of the aristocratic ambiance, Jolly Queen provides players with Free Games, allowing them to master the reels. During the Free Games, at least one Expanding Wild Joker is guaranteed to appear on the screen.

Furthermore, Jolly Queen also features the Royal Treasures Pick Game, enabling players to get a taste of the noble lifestyle. In the Bonus Game, players can choose from three gold-filled treasure chests, containing prizes of 10x, 30x, and 50x their total bets.

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Kambi Group’s AI-powered trading division Tzeract enters into Bet Builder partnership with European operator kwiff

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Tzeract enters into Bet Builder partnership with European operator kwiff
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Tzeract to provide its leading Bet Builder product in the cutting-edge supplier’s first commercial partnership

Kambi Group plc, the world’s trusted sports betting partner, today announced its AI-powered trading division Tzeract has partnered with kwiff to provide its powerful Bet Builder product to the innovative sports betting operator.

The partnership represents the first commercial deal for Tzeract since it was officially launched as a standalone division earlier this year, marking a significant step forward for Kambi as it continues to expand its range of modular services.

Tzeract will initially provide kwiff with its industry-leading Bet Builder football product ahead of the highly anticipated Euro 2024 football tournament, ensuring kwiff customers enjoy an unparalleled betting experience throughout the competition. Additional sports will be added during the course of the partnership.

Unlike other third-party products, Tzeract’s Bet Builder has been designed to seamlessly integrate into an operator’s existing sportsbook and can utilise either the operator’s existing pricing or leverage Tzeract’s AI-generated odds. Working with kwiff, the super-charged betting operator, known for its proprietary platform, sportsbook and innovative modular tech stack, presented Tzeract both of these opportunities.

Having powered football pricing for the Kambi network since 2022, Tzeract is on a mission to establish a new standard in sports betting by providing an indispensable service which empowers operator innovation and makes it possible to bet on anything, at any time.

As part of the Kambi Group, Tzeract benefits from Kambi’s vast network data to inform its state-of-the-art AI-powered algorithmic trading capabilities in combination with increasingly rich sports data.

David Jacquet, Interim Managing Director at Tzeract, commented: “I am thrilled to announce Tzeract’s inaugural commercial partnership which will enable us to demonstrate the full power of Tzeract outside of the Kambi network for the first time. To work with such an innovative sportsbook like kwiff will provide the opportunities to build the world’s most exciting and intuitive betting experiences together.”

Niklas Fallsjo, Head of Sportsbook Innovation at kwiff, added: “We are delighted to partner with Tzeract and integrate their market-leading Bet Builder product into our proprietary sportsbook. This innovative solution perfectly aligns with our commitment to providing our customers with an unrivalled and entertaining betting experience. We are confident that the addition of Bet Builder will be a hit with our players.”

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