London’s latest Fintech startup, PassTo, today announced the launch of its open banking feature in partnership with market-leading financial API provider TrueLayer, to offer Open Banking-based payments to its UK customers.
Launched in late 2019, PassTo has delivered a reliable money transfer service to expats living in the UK. After the success of PassTo’s latest campaign aiding expats in the UK, and with a transfer amount growth rate going as high up to 300% over the last 3 months, it is now teaming up with TrueLayer to deliver the benefits of Open Banking.
Powered by TrueLayer’s Payments API, PassTo can now offer an improved user experience, streamlining the end to end process of depositing and transferring money. Rather than funding transfers by bank deposit, which can take a few minutes, users can now securely and seamlessly connect a funding source to PassTo, enabling them to make instant deposits from inside the app.
AbdelRahman El-Sergani, Vice President of PassTo explained how delighted he was to have finalized the partnership with TrueLayer, as everyone in PassTo has the ambition and dedication to grow the business by ensuring it delivers the best possible user experience. “By working with TrueLayer, PassTo has added an Open Banking feature which will have a positive impact on customers’ experience inside the application, delivering new levels of convenience and ease of use.”
Francesco Simoneschi, CEO and co-founder of TrueLayer, said: “Consumers have plenty of options when it comes to international money transfer but many of the charges remain hidden until the process is almost complete. PassTo has created a service that delivers rapid, secure international payments at a lower cost that creates a meaningful difference to consumers. Together we can make this process even smoother and more cost-effective. We look forward to seeing how they will use the capabilities offered by Open Banking to further enhance their service.”
London based PassTo has a clear objective to increase financial inclusion through its mobile app, saving time, effort, and money by simplifying money transfers currently for expats living in the UK, reducing unnecessary costs and delays, protected by the highest levels of security.
PassTo was launched in late 2019, a trading brand of BlaBla Connect Limited – a UK technology business founded in 2012 – owning and managing the BlaBla Connect app which is an international VOIP service with over 2 million downloads worldwide, both apps are free to download on Android and iOS.