PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, is pleased to announce a partnership with TrueLayer, the international fintech provider of open banking solutions. Over time the partnership will see PCI Pal make a range of open banking services available to its partner ecosystem and direct customer-base.
Through its integration to TrueLayer's open banking platform, PCI Pal will be initially adding open banking payment capabilities to its existing suite of secure solutions that cover the entire omnichannel mix found in contact centres today. The first products are expected to launch in the next few months with the new services empowering PCI Pal customers to offer additional payment options to consumers as well as making their payment processes faster, safer and more cost effective.
Open banking payments allow a seamless and instantaneous payment experience for both the business and consumer, with funds moving between the parties' banks virtually instantaneously. Risks of fraud and chargebacks1 are also greatly reduced as a result of the Know Your Customer ("KYC") checks that are an inherent part of the open banking payment process. Today, open banking is being adopted across Europe, with progress being made in many other regions globally including Canada, Australia, and more recently the US, as the traditional banking market continues to adopt the flexibility of digital banking capabilities.
Commenting on the partnership, James Barham, Chief Executive Officer of PCI Pal, said:
"In the last five years, PCI Pal has built up an enviable customer-base, with more than 400 companies using our solutions across multiple continents. We have built up the strongest partner eco-system in our market through our dedication to a partner-first business model and a globally available true-cloud solution suite. As a result, we now play an important role in the facilitation of payments within business communications environments for our partners and customers alike.
"Leveraging this position, we aim to bring the most modern payment technology to our ecosystem, providing our customers with increased choice for optimising revenues, whilst meeting the demands of consumers in the ever-evolving digital payments landscape.
"This new partnership, with one of the leading brands globally in the open banking space, is hugely exciting for PCI Pal as we continue to evolve our product-set and capabilities to build on the foundations we have put in place over the last five years. We look forward to updating customers, partners, and investors as we make further progress with new product initiatives."
1 Chargebacks are a demand by a credit-card provider for a merchant (a company processing payments) to make good the loss on a fraudulent or disputed transaction to a consumer.
For further information, please contact:
Via Walbrook PR
James Barham - Chief Executive Officer
William Good - Chief Financial Officer
finnCap (Nominated Adviser and Broker)
+44 (0) 20 7227 0500
Marc Milmo/Simon Hicks (Corporate Finance)
Richard Chambers (Corporate Broking)
+44 (0) 20 7933 8780
Tom Cooper/Nick Rome
+44 (0) 797 122 1972
About PCI Pal:
PCI Pal is a leading provider of Software-as-a-Service ("SaaS") solutions that empower companies to take payments from their customers securely, adhere to strict industry governance, and remove their business from the significant risks posed by non-compliance and data loss. Our products secure payments and data in any business communications environment including voice, chat, social, email, and contact centre. We are integrated to, and resold by, some of the worlds' leading business communications vendors, as well as major payment service providers.
The entirety of our product-base is available from our global cloud platform hosted in Amazon Web Services ("AWS"), with regional instances across EMEA, North America, and ANZ.