TrueLayer Review: Payments, Pricing, and Alternatives

The details in this article about TrueLayer are based on information available from their website as of 15 June 2025 and may change over time.

If you’re looking into TrueLayer, you’re probably exploring open banking — either to accept bank payments, access financial data, or both. Maybe you’re trying to figure out if TrueLayer does what you need, how it compares to others, or whether it’s the right fit for your setup and customers.

TrueLayer is a popular name in this space, supporting “Pay by Bank” checkouts for big names like Ryanair and Just Eat. But is it the right fit for your business, or are there simpler, more cost-effective alternatives?

Let’s start with the basics.

About Truelayer

What is TrueLayer?

TrueLayer is a UK-based open banking provider that helps businesses connect directly to customers’ bank accounts — either to take payments (like Pay by Bank) or to access financial data (like balances or transactions). In simple terms, it powers things like:

• Letting a customer pay straight from their bank app at checkout
• Verifying a user’s bank account during onboarding
• Pulling real-time transaction data to help with lending, budgeting, or account setup

Founded in 2016 and regulated by the FCA, TrueLayer is trusted by companies like Ryanair, Just Eat, and Zopa. Its platform is used across industries, and it connects with 99% of UK banks, plus many across Europe.

TrueLayer Valuation and Revenue

In late 2024, TrueLayer underwent a down round — a $50 million fundraise led by Northzone valued the company at approximately US $700 million, a drop from its peak unicorn valuation of US $1 billion in 2021.

Who Uses TrueLayer?

TrueLayer works with a range of industries, including financial services, iGaming, crypto, travel, and ecommerce. In financial services, it supports both payment providers and fintech platforms, helping them handle bank payments and access account data. It also works directly with merchants, including those in higher-risk sectors that need secure payment flows or account verification.

In iGaming and crypto, TrueLayer is often used for fast payments and identity checks. Travel companies use it to speed up settlements and improve the payment experience. E-commerce businesses, especially in the UK and Europe, use it as an alternative to cards to help reduce payment costs and simplify checkout.

Truelayer Payment Methods

TrueLayer offers a suite of tools that let online businesses accept payments and access financial data through open banking. At the core is their Pay by Bank feature, which allows customers to pay directly from their bank account instead of using cards. The process typically involves the customer selecting their bank, logging in through their app, and approving the payment. The funds are then transferred using the UK’s Faster Payments system or SEPA in Europe, usually arriving within seconds.

For businesses, this can reduce processing costs compared to traditional card payments and also removes the risk of chargebacks. Payments are authenticated directly through the customer’s bank, which adds a layer of security and helps reduce fraud.

TrueLayer also supports Variable Recurring Payments (VRPs) — a newer open banking feature designed as an alternative to direct debits or card-based subscriptions. This functionality is currently only available in the UK and, until recently, was limited to sweeping use cases (such as moving money between a user’s own accounts). As of 2025, VRPs have been opened up for commercial use cases, allowing businesses to collect recurring payments from customers with their consent, using bank-to-bank transfers instead of cards.

Another part of the platform is the ability to send funds, for example, to process customer refunds or payouts to third parties. This uses the same bank-to-bank transfer system and can be significantly faster than standard bank transfers, depending on the recipient’s bank.

TrueLayer also offers data access tools, which let businesses retrieve financial information (with the user’s consent). This includes things like account balances, recent transactions, or identity data. Use cases include onboarding (e.g. confirming bank ownership), lending decisions, and personal finance apps. All data access is permission-based and regulated under UK and EU open banking laws.

Truelayer Integration

Integration can be handled through APIs, SDKs, or plugins for Shopify, WooCommerce and Magento. The company provides developer tools and sandbox access, although smaller merchants without in-house tech support might need some assistance with the setup. The plugins are available in the UK only, so this will not be too convenient for small merchants in other countries.

Truelayer Pricing And Availability

TrueLayer doesn’t list full pricing details on its website, but it generally follows a tiered model that adjusts based on usage. Most businesses need to speak directly with their sales team to get a quote, especially for live usage.

From what’s publicly known, Truelayer fees tend to reflect factors like transaction volume, API usage, and the specific features you need. Larger businesses can usually access custom enterprise plans with potential volume discounts, while smaller teams can start testing through a free developer sandbox.

Although exact figures are hard to confirm, TrueLayer is typically seen as more cost-effective for businesses with steady or high transaction volumes, but the lack of transparent pricing can make it harder to compare with other providers upfront.

Truelayer Coverage

TrueLayer payments are currently available in the UK, Ireland, and across much of the EU, with strong connectivity to major consumer banks. It connects to over 99% of UK bank accounts and supports open banking services in the following countries:

Coverage is strongest in the UK and Western Europe, where support for major banks is most consistent. If you're selling to customers in these countries, you can expect good availability. Outside these regions, TrueLayer is not yet active, so international businesses may need to use it alongside other providers.

Truelayer Support

TrueLayer handles general enquiries through a contact form, where businesses can reach out to their team of open banking specialists. For existing clients needing help, support is available through their dedicated Help Centre, which includes troubleshooting articles, documentation, and guidance for integration.

There’s no live chat or phone support listed publicly. Most interaction is done through email or platform-based support, and developer resources are available online for those integrating via API. Enterprise clients may get access to more direct support options depending on their plan.

Is TrueLayer Safe?

Yes — TrueLayer is considered safe and follows strong security and compliance standards. It’s regulated by the Financial Conduct Authority (FCA) in the UK and licensed in the EU through the Central Bank of Ireland. The platform is also ISO 27001 certified, with regular security audits and 24/7 monitoring in place.

All payments and data access go through secure bank-grade APIs and require strong customer authentication.

Truelayer Pros and Cons

Like any platform, TrueLayer has its strengths and limitations. Here's a quick look at what it does well and where it might not be the perfect fit.

Pros

One of its biggest strengths is bank coverage. TrueLayer connects to almost every bank in the UK and most of the major ones across Europe. That means if you’re selling to customers in these regions, chances are very high that they’ll be able to use their bank with no issues.

TrueLayer’s Pay by Bank option is fast, secure, and cost-effective. Because it doesn’t rely on card networks, merchants can avoid card fees, and payments usually settle almost instantly. There are also no chargebacks, since the user confirms the payment directly through their bank. That’s a big win for businesses that deal with fraud or high-risk products.

The platform also helps with checkout conversion. Customers don’t have to type card numbers or sign up for a new account. They just log in to their own bank and approve the payment, often using fingerprint or Face ID. That quick and familiar process can reduce drop-offs at checkout.

Finally, it’s a regulated and secure platform. TrueLayer is authorised by the Financial Conduct Authority (FCA), ISO 27001 certified, and follows strong data protection standards. It also encrypts all information and asks for explicit user consent before sharing any data, so you stay compliant with open banking rules.

Cons

That said, smaller merchants might find it harder to get started, especially outside of the UK, where plugin integrations are not available. TrueLayer’s strength is in its APIs and flexibility, but that can also be a downside if you don’t have technical support. While there are plugins available, many of the more advanced features require development work. If you’re looking for something you can set up in minutes without writing code, TrueLayer might feel a bit too involved.

Pricing transparency is also a weak point. TrueLayer doesn’t publish its full fee structure, and most businesses need to go through a sales conversation to get a quote.

And while TrueLayer is strong in the UK and EU, there is no coverage outside Europe. If your customers are mostly in the US, Asia, or other regions, you will need to use another provider alongside it.

TrueLayer vs Other Open Banking Providers

TrueLayer isn’t the only option out there for open banking. Several other platforms offer similar services, and depending on your business needs — whether that’s simple payments, international reach, or more advanced data tools — one might suit you better than another.

Noda

Noda offers many of the same core features — fast bank payments, account verification, and secure access to financial data — but it’s built with everyday online merchants in mind. You don’t need a developer team to get started. You can use payment links, install plugins for platforms like WooCommerce, PrestaShop, OpenCart or Magento, or go deeper with full API integration if you need something more customised. It’s flexible either way.

One thing that sets Noda apart is how easy it is to use. The setup is simple, the support is responsive, and every business gets a personal account manager. You’re not left figuring things out on your own. Noda also connects with over 2,000 banks in 28 countries, so if you’re selling to customers across the UK and Europe — or even places like Canada or Brazil— you’re covered.

As for cost, Noda keeps it straightforward: fees from just 0.1% per transaction, with no big monthly minimums or complicated contracts. That makes it a great option if you’re doing lots of smaller transactions and want to avoid high card fees or setup costs.

Looking for a simpler solution? Book a quick demo with Noda and see how it compares.

Looking for the best option? Switch to Noda

If you’re looking for something that’s fast to set up, easy to manage, and designed with online merchants in mind, Noda is built to simplify the entire process.

You won’t need to navigate complex pricing or build everything from scratch. With Noda, you can test the waters, start small, and grow on your terms — all with responsive support and no pressure to commit long term.

Ready to try it out? Book a quick demo with our team, see how open banking can actually work for your business, not against it.