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TrueLayer Pay by Bank

Company overview

About TrueLayer

What the company provides

  • Pay by Bank
  • Open Banking
  • Payment method
  • Payouts

Available countries, payment methods, data access, contracts and funds handling depend on the selected product.

TrueLayer provides Pay by Bank acceptance, pay-ins into a TrueLayer payment account, bank payouts and refunds, account data and account verification in the United Kingdom and supported European markets.

Bank on File and variable recurring payments are limited to UK merchants, UK customer bank accounts and GBP. TrueLayer Limited and TrueLayer (Ireland) Limited provide the other regulated services. Product availability depends on the contracting entity, merchant regulatory status, country, bank, payment scheme and release channel; TrueLayer does not provide card acquiring or a card MID.

Founded 2016truelayer.comUpdated Aug 15, 2026

Selected product

TrueLayer Pay by Bank

Pay by Bank with TrueLayer-regulated payment services

Pay by Bank account & business activation

  1. Pay by Bank account

    Business activation required

  2. Business activation

    TrueLayer reviews the business before enabling bank payments

    This review covers the business, payment flow, customer-bank use and integration for the Pay by Bank service.

Primary legal entity

TrueLayer Limited

Jurisdiction
United Kingdom
Registration number
10278251
Company type
Private limited company

Legal entities by jurisdiction

2 legal entities across 2 jurisdictions

  • Ireland1 entity
  • United Kingdom1 entity

The legal entity supplying a product can differ by product and country.

Product portfolio

TrueLayer products

Compare Pay by Bank, Open Banking data, and payouts by account setup, approval, payment or data flow, and contract terms.

TrueLayer Pay by Bank

Role in this product

  • Pay by Bank
  • Payment initiation service provider (PISP)

Accept a bank payment through TrueLayer's Payments API and hosted, embedded or mobile payment interfaces.

A closed-loop pay-in settles to the TrueLayer payment account used for the flow; the API can also initiate a payment to bank details. The applicable flow, currency, bank and settlement speed are country- and scheme-dependent.

Related services
Alternative payment methodsDirect APIEmbedded checkoutHosted checkout
Features
Payment operationsCheckoutFraud and riskReportingCompliance

Payments API for a regulated PISP

Role in this product

  • Open Banking

A merchant that holds its own payment-initiation permission can use TrueLayer as a technical service provider and operate its own authorization interface.

In that configuration the merchant remains the regulated PISP and carries the consent and compliance duties described by TrueLayer.

Related services
Direct API
Features
Payment operationsCompliance

TrueLayer Payouts and Refunds

Role in this product

  • Payouts

Send a payout or refund from the applicable TrueLayer payment account to a customer's bank account through the Payments API.

Closed-loop payouts require a Payments integration, and verified payouts add account-holder or transaction checks where the product is available.

Related services
Customer payoutsDirect API
Features
PayoutsBank account data & verificationReportingCompliance

TrueLayer Bank on File · UK

Role in this product

  • Pay by Bank

In the UK, link an eligible customer bank account for one-click or recurring GBP payments.

VRP mandates can support fixed or variable recurring payments and top-ups; availability still depends on the consumer bank, mandate type, customer consent, limits, merchant approval and contract.

Related services
Alternative payment methodsDirect APIRecurring billing
Features
Payment operationsCompliance

TrueLayer Data and Verification

Role in this product

  • Open Banking

Access consented account data or compare a supplied customer name with bank account-holder data.

Data and Verification are separate from moving money; Verification is an add-on and its published country availability is narrower than the Payments API.

Related services
Direct API
Features
Bank account data & verificationCompliance

Selected product

TrueLayer Pay by Bank

Related services
Alternative payment methodsDirect APIEmbedded checkoutHosted checkout
Features
Payment operationsCheckoutFraud and riskReportingCompliance

Business activation, bank payments, refunds & settlement

Who activates the business, initiates the bank transfer, guarantees or reverses the payment, and sends funds to the merchant.

01 · Role in this product
Pay by Bank · Payment initiation service provider (PISP)
02 · Pay by Bank account
Business activation required
03 · Business activation
TrueLayer Limited and TrueLayer (Ireland) Limited reviews business eligibility for this Pay by Bank product
04 · Bank payment & settlement
TrueLayer Limited and TrueLayer (Ireland) Limited processes bank payments; merchant crediting terms are not specified

Selected product: TrueLayer Pay by Bank.

Pay by bank

TrueLayer Pay by Bank: bank authorization, payment status & funds flow

Review the customer bank journey, authorization steps, payment actions and the companies that handle and transfer funds.

Selected product: Pay by Bank with TrueLayer-regulated payment services

Included in TrueLayer Pay by Bank

Features included with this product.

Solutions
Alternative payment methodsDirect APIEmbedded checkoutHosted checkout
Capabilities
Payment operationsCheckoutFraud and riskReportingCompliance

Bank payment & funds flow

How customers authorize TrueLayer Pay by Bank, which payment actions are available and which company handles each stage of the bank payment.

Included

Pay by bank payment flow

Customer bank authorization, payment processing, refunds, status and funds handling.

Pay by bank

From customer bank authorization to merchant payment

Offer the bank payment

Product role, availability and onboarding

Role in this product
Pay by Bank
Business onboarding
Yes
Availability
Available to approved merchants under the applicable TrueLayer contracting entity, country, bank and payment-scheme configuration.

Connect & authorize

API, bank authentication and payment controls

API available
Yes

Process & transfer funds

Payment processing, funds handling and status

Moves payment funds
Yes
Handles payment funds
Yes
Processes payments
Yes
Sends merchant settlement
Yes
Pay by Bank account · Pay by Bank with TrueLayer-regulated payment services

What is required to activate Pay by Bank?

TrueLayer reviews the business before enabling bank payments.

Business eligibility

Owner, director and operating-location requirements are not specified

Pay by Bank activation

TrueLayer reviews the business before enabling bank payments

This review covers the business, payment flow, customer-bank use and integration for the Pay by Bank service.

Product account
Pay by Bank activation
Product
Pay by Bank with TrueLayer-regulated payment services
Regulated-business license
Required license type and issuing jurisdiction are not specified
01Business eligibility & permitted payments

Which businesses and bank-payment use cases are accepted?

Eligibility depends on the business, payment flow, customer countries, supported banks and agreement.

Restricted activity

Business restrictions

Business activity · payment use · bank · country

Business-activity, payment-use, bank and country restrictions are not specified.

02Pay by Bank account setup

What is needed before bank payments can start?

Company, ownership, payment-flow, bank-account and integration information required before activation.

Pay by Bank account setup

Open account → review payment flow → integrate → test bank payments → activate

Bank payments begin after business review, account configuration and testing.

Pay by Bank account documents

Documents to prepare

Required company, payment-flow and bank-account documents are not specified

Pay by Bank account setup

Business review, payment-flow setup, integration testing and activation steps are not specified

Pay by Bank account requirements

Business, payment-flow and bank-account checks

Application and activation requirements.

Website requirements

Required website pages, disclosures and policies are not specified

Pay by Bank account requirements

Business, ownership, sanctions, payment-flow and bank-account requirements are not specified

Pay by Bank setup tasks

The onboarding tasks performed by the provider are not specified

Before applying

Pay by Bank account requirements to confirm

Contracting entity, permitted payment flows, account requirements and activation timing are not fully specified.

Pay by Bank account & permitted payments

Business, payment use, customer banks, countries and account terms.

  1. 01

    Which TrueLayer legal entity activates Pay by Bank for the business, and what company and payment-flow information is required?

    The contracting entity, complete activation requirements and review timing are not specified.

  2. 02

    Which business activities, payment use cases and countries are prohibited for Pay by Bank?

    Pay by Bank permitted-use and country restrictions are not specified.

Vertical acceptance

Which high-risk verticals this provider answers for

Every row is a statement the provider publishes about a business type. Hover or focus a decision to read the original wording. A vertical with no row here is one the provider does not address.

Applies only to

Account Data and Verification APIs, Payouts and refunds from a TrueLayer payment account

Vertical acceptance for Account Data and Verification APIs, Payouts and refunds from a TrueLayer payment account
VerticalProvider’s position
Financial servicesAccepted
Banks, currencies & countries · Pay by Bank with TrueLayer-regulated payment services

Where can the business accept bank payments, and which banks and currencies are supported?

Business country, customer banks, payment rails, currencies, payment-guarantee options and refund terms are defined by the Pay by Bank configuration.

Selected product

Pay by Bank with TrueLayer-regulated payment services

Pay by Bank coverage

Selected product

Business accepting bank payments

Business-country availability for this Pay by Bank product is not specified

Business location, customer country, bank coverage and currency support are separate requirements.

Bank-payment types

  • Pay by Bank
  • Single bank payments
  • Closed loop pay ins
  • TrueLayer payment account funding
  • Payment status webhooks
  • Queued refunds

This is the selected product category. Features and market availability are set in the product agreement.

Availability depends on

  • Product region
  • Merchant agreement
  • Customer bank
  • Customer bank account
  • Payment rail
  • Transaction type

TrueLayer supplies the Pay by Bank product. Business availability, supported customer banks, payment rails, payment guarantees, currencies and refund features can differ by market and account configuration.

01Selected product

Customer banks, payment rails and currencies

These bank-payment options belong to the selected product. Bank, rail, currency, payment-guarantee, confirmation and refund support depend on the account configuration.

Bank payment rails

Bank-payment options

  • Pay by Bank
02Countries & availability

Where can the business operate, which banks can customers use, and where can bank payments be accepted?

Business location, customer country, bank coverage, currency and payment type can differ.

Country coverage

Business, customer and bank-payment coverage

  1. 01

    Business location

    Where can the business using Pay by Bank be registered?

    Business-country availability for this Pay by Bank product is not specified

    This is where the business is registered; it does not determine customer-country or bank coverage.

    Business activation
  2. 02

    Bank-payment coverage

    Which banks and markets support customer bank payments?

    Supported customer banks and payment rails are not specified

    Bank coverage, payment rails, currencies, payment confirmation and refunds depend on the Pay by Bank configuration.

    Selected product
  3. 03

    Customer location

    Where can customers pay from?

    Customer bank-payment markets are not specified

    The company-wide market total does not establish which customer banks, payment rails or currencies are enabled for this Pay by Bank product.

    Across all products

Banks, rails & payment terms

Pay by Bank coverage and payment terms to confirm

  1. Which business countries, customer banks, payment rails and currencies are enabled for this account?

    The bank-payment coverage enabled for this account is not specified.

  2. Which payment guarantees, confirmation states, refund methods and return rules apply?

    Payment confirmation, guarantees, refunds and return handling depend on the market and agreement.

Pricing & Pay by Bank settlement · Pay by Bank with TrueLayer-regulated payment services

What does Pay by Bank with TrueLayer-regulated payment services cost, and when are bank payments settled?

Pay by Bank fees, refunds, returned payments and merchant settlement

Pricing

Pay by Bank fees, refunds, returned payments and merchant settlement

Merchant pricing

Pricing plan is not specified for Pay by Bank with TrueLayer-regulated payment services

The merchant rate, included bank-payment services and settlement charges are not specified.

01Refunds & returned payments

How are refunds and returned payments handled?

Refund actions, returned-payment handling, timing and related charges.

Refunds & returned payments

  • Queued refunds

Refund timing, return handling and related charges are not fully specified.

02Pay by Bank settlement

When do authorized bank payments become available to the merchant?

When authorized bank payments are settled to the merchant.

Authorized bank payments and merchant settlement

Bank-payment settlement timing

The Pay by Bank agreement determines when authorized bank payments are settled to the merchant.

Merchant settlement terms

Merchant settlement terms are not specified for Pay by Bank with TrueLayer-regulated payment services

Settlement timing, currencies, returns, fees and minimum amounts are not specified for this product.

Pay by Bank commercial terms

Terms to confirm in the agreement

Price

  1. What merchant rate applies to Pay by Bank with TrueLayer-regulated payment services, including transaction, refund, return and currency-conversion charges?

    No pricing plan is specified for this product.

  2. For Pay by Bank with TrueLayer-regulated payment services, when are authorized bank payments settled to the merchant, and what timing, currencies, returns, fees and minimum amounts apply?

    Merchant settlement terms are incomplete for this Pay by Bank product.

Refunds & returned payments

  1. What refund time limits, returned-payment rules and related charges apply to Pay by Bank with TrueLayer-regulated payment services?

    Refund timing, returned-payment handling and related charges are not fully specified.

Pay by bank flow · Pay by Bank with TrueLayer-regulated payment services

How do bank selection, customer authorization, payment status and refunds work?

Bank account payments, customer authorization, payment status, refunds and reconciliation.

Pay by bank flow

Choose bank → authorize with bank → payment status → refund & reconciliation

The selected product determines the bank-payment experience, customer authorization, supported payment actions and reporting.

Selected product

Pay by Bank with TrueLayer-regulated payment services

Bank account payments, customer authorization, payment status, refunds and reconciliation.

  1. Bank payment

    2 integration options

  2. Authorization

    API security, sandbox, token and event details are not specified for Pay by Bank with TrueLayer-regulated payment services

    Not specified

  3. Funds handling

    TrueLayer provides Pay by Bank · Processes transactions

  4. Records

    API responses and webhook events

01

Bank payment experience

How does the customer choose and authorize a bank payment?

Bank-selection, redirect, embedded and mobile payment options.

Bank payment experience

  1. 01

    TrueLayer Web SDK

    Embedded payment UI

    • Web
    • Merchant checkout
    • Redirect: Yes
    • iFrame: No
    • Bank selection
    • Payment authorization
    • Returning user flow
    • Payment retries
  2. 02

    TrueLayer Hosted Payment Page

    Hosted checkout

    • Web
    • Mobile web
    • Redirect: Yes
    • iFrame: No
    • Bank selection
    • Payment authorization
    • Localized interface

Bank payment interface

  • TrueLayer Web SDK: Checkout UI: TrueLayer components in merchant flow
  • TrueLayer Hosted Payment Page: Checkout UI: TrueLayer hosted

Checkout controls

  • Hosted payment page
  • Web SDK
  • Mobile SDKs
  • Embedded bank selection
  • Redirect to bank authentication
  • Returning user flow

Mobile SDKs

iOS
Available
Android
Available
React Native
Available

Commerce plugins

  • WooCommerce
  • Shopify
  • Magento
02

Bank connection & authorization

Which APIs, authentication steps and payment-status tools are available?

APIs, customer bank authentication, status events and payment controls.

Selected setup

Pay by bank entry point

How requests enter this product and which integration boundary applies.

Integration controls

Not specified

API security, sandbox, token and event details are not specified for Pay by Bank with TrueLayer-regulated payment services

Bank connection & authorization

Bank authorization, payment status and integration tools

Pay by bank

No additional bank connection & authorization details are specified.

03

Payment and funds

Who initiates the bank payment, handles funds and pays the merchant?

The companies that initiate the payment, handle funds and pay the merchant.

Payment and funds

  • TrueLayer provides Pay by Bank
  • Processes bank account payments
  • Pays or settles funds to the merchant
  • Handles funds in the pay by bank flow

Available controls

Who initiates the bank payment, confirms its status, handles refunds or returns and settles the merchant.

  1. 01

    Supported transaction types

    Payment, refund and status actions available with this product.

    Supported transaction types

    • Pay by Bank
    • Single bank payments
    • Closed loop pay ins
    • TrueLayer payment account funding
    • Payment status webhooks
    • Queued refunds
04

Payment records

Which payment, refund and reconciliation records are available?

Payment status, refund records, reports and reconciliation.

Payment records

Bank authorization → payment status → refund → reconciliation

Payment references, status events, refund records and reconciliation data.

  1. 01

    Payment records

    Payment status, refund records, reports and reconciliation.

    Financial report availability

    Transaction status
    API responses and webhook events

    Consolidated reporting

    Included with this product

Bank payments, returns & support

TrueLayer Pay by Bank: risk, licenses & support

Customer authorization or mandates, payment status, returns, merchant crediting, legal entity and support.

TrueLayer Pay by BankService: Pay by Bank with TrueLayer-regulated payment services
01 / Pay by Bank risk & continuity

How are bank payments authorized, returned and credited?

Customer authorization or mandates, payment status, rejected or returned payments and merchant-crediting timing.

Bank authorization & returns

TrueLayer processes Pay by Bank payments

The customer authenticates with their bank and authorizes the payment. Payment status, returns and merchant-crediting timing depend on the bank rail and product agreement.

Role in this product
Pay by Bank · Payment initiation service provider (PISP)
Bank payment & merchant crediting
TrueLayer processes Pay by Bank paymentsFinal payment status, returns, any supported refunds and the timing when money becomes available to the business depend on the bank rail and agreement.

Bank payment returns & continuity

What happens when a bank payment fails or is returned?

Final payment status, return handling and merchant-crediting timing belong in the product agreement.

  • How does the customer authorize the bank payment, and which status confirms that the payment is complete?

  • How are rejected or returned bank payments handled, and when is the business credited?

Payment guarantee & bank authentication

Guarantee options, bank authentication and payment-risk decisions

Payment guarantee and risk decision and customer bank authentication are available. Guarantee eligibility, bank-authentication rules, return handling and final payment status depend on the selected product and bank rail.

  1. 01

    Risk decision

    Payment guarantee & risk decision

  2. 02

    Bank authorization

    Customer bank authentication

RISK DECISION

Payment guarantee & risk decision

Which guarantee option and risk decision apply to the bank payment?

Capabilities
Bank authenticationStrong Customer Authentication (SCA)Account name verificationClosed loop payout controlSanctions and AML screening for payment account flows
Signals
Authenticated bank accountAccount holder nameOriginal pay in accountTransaction status

BANK AUTHORIZATION

Customer bank authentication

How does the customer authenticate and authorize the bank payment?

Authentication · Method
The customer authenticates directly with the selected bank, normally through the bank app or website.
Authentication · Credential handling
The merchant does not collect the customer's bank login credentials.
Before signingBank authorization or mandate, returns and merchant-crediting terms2 items to confirmReview contract terms
02 / Legal entity, license & registration

Which legal entity provides the bank payment service and credits the business?

The contracting entity, payment initiation or collection provider, and the entity that credits the business can differ. The agreement should identify each role and the applicable license or registration.

For this product

Contracting entity and Pay by Bank provider

Pay by Bank. The contracting entity for TrueLayer Pay by Bank is not specified. The provider entities linked to this product are TrueLayer Limited · TrueLayer (Ireland) Limited. The linked license or registration is Authorized payment and electronic money institution · Payment institution.

A license or registration identifies a regulated entity, but the agreement must still identify the contracting entity and the bank-payment services it provides.

  1. 01 · Contracting entity

    Not specified for this product

  2. 02 · Pay by Bank provider entity

    TrueLayer Limited · TrueLayer (Ireland) Limited

  3. 03 · License or registration

    Authorized payment and electronic money institution · Payment institution

Company legal entities, licenses & registrations

Company registrations and payment-services licenses do not identify the contracting entity for every product.

2 entities · 2 licenses or registrations

TrueLayer Limited

United Kingdom · Registry 10278251 · Private limited company

Authorized payment and electronic money institution

Financial Conduct Authority · Firm Reference Number 901096 · 4 permitted payment services · Active · Entity: TrueLayer Limited

Other legal entities (1)

TrueLayer (Ireland) Limited

Ireland · Registry 671615 · Private company limited by shares

Payment institution

Central Bank of Ireland · Relation number C433487 · 3 permitted payment services · Active · Entity: TrueLayer (Ireland) Limited

Security & regulatory information

Certifications, safeguarding arrangements and cross-border permissions for this product.

01

Security controls

Privacy and security controls

Privacy frameworks
GDPR
Privacy contact
https://truelayer.com/en-ie/legal/enduser_tos/
Security controls
Bank hosted customer authenticationStrong Customer Authentication (SCA)Signed API requestsSigned webhooksPayment account transaction screeningSafeguarding of relevant customer funds
Security
https://truelayer.com/security/
Before signingContracting entity, applicable license or registration, bank-payment and data terms1 item to confirmReview contract terms
03 / Support

How can businesses get help with bank payments, returns and refunds?

Company support hours and contact channels are available. It is not specified which ones cover Pay by Bank with TrueLayer-regulated payment services and bank-authentication failures, payment returns, refund delays, missing status updates or delayed merchant crediting. First-response and resolution targets are also not specified.

Support contacts

Company support hours and contacts

The contacts that cover this product and bank-authentication failures, payment returns, refund delays, missing status updates or delayed merchant crediting are not specified.

Company contacts

Support hours are not specified for these contacts.

Sales

truelayer.com/contact

Developer

docs.truelayer.com

Consumer support

support.truelayer.com/hc/en-us

Privacy

truelayer.com/en-ie/legal/enduser_tos

Security

truelayer.com/security
Before signingBank-payment, return, refund and crediting support3 items to confirmReview contract terms
Pay by Bank with TrueLayer-regulated payment services / Before signing

What should the pay by bank services agreement include?

Confirm bank and market coverage, customer authorization, payment fees, funds handling, merchant payment timing, refunds, returns, support and termination.

Before signing

Pay by Bank with TrueLayer-regulated payment services: terms to confirm

Confirm the customer bank journey, payment and refund fees, funds flow, merchant payment timing and failed-payment rules.

Fees & merchant payment

Payment and refund fees, conversion costs, merchant payment timing and any held funds

Authorization, returns & exit

Customer bank authorization, payment status, returns, refunds, loss allocation, suspension and termination

Contract checklist

Terms to review by topic

Jump to the underlying product details

  1. 01Returns, payment failures & account holdsPayment returns, failed-payment handling, suspension and held funds.
  2. 02Contracting entity & payment authorizationContracting entity, payment initiation or money-transmission authorization, and funds handling.
  3. 03Pay by bank supportContacts and response targets for bank connection, payment, refund and merchant-payment issues.
Pay by bank services agreement

Pay by bank terms to confirm

Review bank and market coverage, payment fees, customer authorization, refunds, merchant payment, returns, support and termination.

Returns, payment failures & account holdsPayment returns, failed-payment handling, suspension and held funds.

  1. How are rejected or returned bank payments handled, and when is the business credited?

    Return handling and merchant-crediting timing are not specified.

  2. How does the customer authorize the bank payment, and which status confirms that the payment is complete?

    Bank-authentication, payment-authorization and final-status rules are not specified.

Contracting entity & payment authorizationContracting entity, payment initiation or money-transmission authorization, and funds handling.

  1. Will the agreement be with TrueLayer Limited or TrueLayer (Ireland) Limited, and which authorization applies?

    More than one provider entity is linked to this product; the agreement must identify the applicable entity and authorization.

Pay by bank supportContacts and response targets for bank connection, payment, refund and merchant-payment issues.

  1. What first-response, update and resolution targets apply by incident severity?

    First-response and resolution targets are not specified.

  2. Who handles failed bank authentication, payment returns, refund delays, missing status updates and delayed merchant crediting?

    No escalation contact or process is specified for Pay by Bank authorization, returns, refunds or merchant-crediting incidents.

  3. Which support hours and contact channels cover Pay by Bank with TrueLayer-regulated payment services, and where should a business report bank-authentication failures, returned payments, refund delays, missing status updates or delayed merchant crediting?

    The support scope for Pay by Bank with TrueLayer-regulated payment services and the contacts for Pay by Bank authorization, returns, refunds and merchant-crediting issues are not specified.

Product summary

What this product already includes

What this pay by bank product includes, where it is available and which payment terms are not specified.

Included capabilities

Capabilities included with Pay by Bank with TrueLayer-regulated payment services.

  • Accept a bank payment through TrueLayer's Payments API and hosted, embedded or mobile payment interfaces. A closed-loop pay-in settles to the TrueLayer payment account used for the flow; the API can also initiate a payment to bank details. The applicable flow, currency, bank and settlement speed are country- and scheme-dependent.