TrueLayer launches Verification API

Combining Open Banking with machine learning, the Verification API makes onboarding easier 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.

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. 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.