The start-up’s payment initiation service means people do not need credit or debit cards to make payments for certain paid-for government services.
The UK government has given the go-ahead to financial application programming interface (API) firm TrueLayer to supply public sector organisations with its payment initiation service (PIS).
TrueLayer has been appointed to the Government’s Crown Commercial Service’s (CCS) Payment Acceptance Framework for an initial three-year period.
As part of the agreement, the CCS has pre-assessed and approved TrueLayer’s PIS for public sector procurement. This means any government organisation can quickly set up with TrueLayer to accept payment via the Payments API.
The CCS is part of the UK’s Cabinet Office. It provides policy, advice, and commercial services to the public sector with the aim of saving money for taxpayers.
According to TrueLayer, PIS is faster, more secure and has much lower transaction costs than nearly any other payment method. As people do not require credit or debit cards to complete payments, it will also help individuals with limited access to financial services access government services.
“A significant number of individuals simply don’t have access to credit and debit cards. This can essentially lock them out of a lot of public and business services”
The firm claims if PIS is adopted across the public sector it has the capacity to save taxpayers millions of pounds in transaction fees.
“A new means of payment may, on the face of it, seem like minor news. However, widening the way people can make and receive payments from the Government is very important. A significant number of individuals simply don’t have access to credit and debit cards. This can essentially lock them out of a lot of public and business services,” said Francesco Simoneschi, CEO and founder of TrueLayer.
“Payment Initiation solves this problem. It is also much faster and cheaper and if adopted across the public sector, could save taxpayers a huge amount of money.”
Simoneschi continued: “We’re delighted the UK government is supporting innovative fintech solutions and I look forward to engaging with different public sector organisations to help them get up and running with PIS.”
“CCS undertook a robust and compliant procurement for RM6118 Payment Acceptance commercial agreement and awarded it to successful participating suppliers,” added Jan Culshaw, category lead at Crown Commercial Service.
“We look forward to working with all suppliers and helping the public sector access these important services.”
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