Irish start-up StrikePay teams up with fintech TrueLayer to verify bank accounts

Irish payments company StrikePayhas teamed up with European open banking platform TrueLayer, a deal that will make it easier for the Irish company’s clients to get paid.

StrikePay, which was founded during the Covid-19 pandemic by Oli Cavanagh and Charles Dowd to help resolve problems that have arisen from the demise of cash, has developed a contact-free solution for tips, payments and charitable donations through NFC and QR code technology. It is currently being used by nearly 7,000 merchants in Ireland and the UK from the hospitality and services industries to individual tradespeople..

The partnership with see StrikePay use TrueLayer’s data API to help verify bank accounts quickly, eliminating the mistakes that could arise with manually entering bank account details.

“We’re excited to be continuing a trend of fintech innovation in Ireland, bringing open banking technology to tipping and payments. We live in a world where very few people pay by cash any more — this, for many small businesses and professionals, has meant a reduction in income and increased hassle for their customers,” said StrikePay chief executive Oli Cavanagh. “Previously our customers had to enter their bank account details manually to receive cash out, which was time consuming and led to mistakes like incorrect IBANs being entered. Working with TrueLayer we now have an instant and reliable way for customers to connect and verify their bank accounts, which is better for our customers and for our support team who have less errors to deal with.”

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The TrueLayer system has also helped StrikePay to cut overheads.

“Europe is witnessing the growth of fintech firms powered by open banking to deliver much-needed digital services to consumers. We’re delighted to be working with an Irish start-up that is pioneering a new way to get paid for small businesses and professionals,” said Joe Morley, General manager Europe at TrueLayer. “Not only will this ensure that the whole process is seamless for customers, but also one that is fit for purpose especially as the vast majority of consumers want, and indeed are already accessing, financial services technology and products.”

Founded in 2016, TrueLayer currently accounts for around 50 per cent of open banking traffic in the UK, Ireland and Spain. Backed by Stripe, the company has raised more than $270 million in funding. Last year it received Central Bank of Ireland authorisation as a payments institution and said it would establish its European headquarters in Dublin.