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TrueLayer and Cazoo Collaborate on Open Banking Payments and Refunds

TrueLayer, a European open banking platform, has announced a new partnership with Cazoo. The British online car retailer will benefit from TrueLayer streamlining its payment services, making it easier for customers to order and pay for products online. Most importantly, it will allow Cazoo to issue faster refunds.

“With refunds there is a high level of financial anxiety if you don’t get thousands back in your bank account right away,” said Jonathan Howell, chief technology officer at Cazoo, in a statement. “The ability to return that money in a quick, transparent and frictionless way creates a superior customer experience.”

Related: TrueLayer: Instant Refunds Key to Bringing Open Banking Payments Mainsteam

Going forward, Cazoo’s new payment system will be powered by TrueLayer’s open banking payment method, PayDirect.

Besides issuing instant refunds, PayDirect offers open banking tools such as account verification, instant account funding, instant withdrawals and immediate refunds. The goal is to fix a number of customer pain points.

“Cazoo appreciates that consumers are increasingly dissatisfied with the traditional ways of buying or selling a used car. They’re an industry innovator, determined to make the end to end process, including the checkout and payments, as hassle-free as possible,” said Roger De’Ath, head of eCommerce at TrueLayer. “With TrueLayer supporting instant bank payments for purchases and the ability to process instant refunds through PayDirect, it has created an incredibly powerful proposition.”

This news comes after steady growth within the company, following the announcement that Clement Boulais, a commercial manger, will be overseeing operations in France. Boulais will look to connect TrueLayer with the larger financial institutions within the country.

Also read: UK’s TrueLayer Hires Ex-Startup Official As GM in France

In April, TrueLayer received an additional $70 million in funding from new investor Addition and others to accelerate its global expansion.

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