UK open banking company Truelayer has received unrestricted data recipient accreditation from the ACCC and yesterday officially launched its business in Australia, promising to be a conduit for foreign companies looking to forage amid the local open banking regime. 

In its home market TrueLayer plays the role of intermediary, connecting different parties in the open banking system. It will play a similar role here.

The company claims that more than half the open banking traffic in the UK, Ireland and Spain is processed through its data and payments APIs.

Last week the company raised US$130 million of capital, in a funding round led by private equity firm Tiger Global, with the participation of payments company Stripe.

The chief executive of TrueLayer Australia and New Zealand, Brenton Charnley, said the company would draw on its international network to work with UK and European businesses looking to launch in Australia.

Charnley said the use cases TrueLayer is already working on include faster lending decisions, personalised wealth management insights, personal finance management apps, digital banking and reducing friction in e-commerce.

In the UK and Europe, TrueLayer provides payment services through open banking.

Payment initiation is not enabled under the current Australian Consumer Data Right rules but the issue came in for attention in the government’s recent Payments System Review and is on the agenda.