TrueLayer

Online casinos are always on the lookout for alternative payment methods that can speed up depositing and withdrawing. That is where open banking enters the scene, together with one of the leading names in this area – TrueLayer.

The service allows players to make online casino deposits and withdrawals and, at the same time, offers rewards for customer loyalty and excellent conversion rates. No wonder the number of TrueLayer casinos is on the rise.

If you don’t know what open banking is and how it impacts online gambling, this review should provide all the answers you need. Our experts have thoroughly analysed this payment method to help you decide whether it should become your favorite.

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About TrueLayer

TrueLayer is a project launched in 2016 by Francesco Simoneschi and Luca Martinetti. The fintech company is based in the UK and has offices in Italy, Ireland, Hong Kong, and Australia.

The fintech company offers its services across various industries, including online gambling. The first online casino that introduced TrueLayer in the UK was LeoVegas in late 2020.

Open banking API represents the essential technology behind TrueLayer products. Using this API, third-party companies using the open banking system can access their customers’ banking information. The technology itself debuted in 2018 alongside the Second Payment Services Directive (PSD2).

Under the provisions of this European legislation, banks were required to enable authorised payment providers to get access to clients’ financial information. This completely opened up the financial sector, allowing payment providers to process transactions quickly and carry out speedy transfers.

When you use TrueLayer, your bank account will be linked to the platform, which will collect your data and allow instant transactions. With 22% higher payment conversion compared to other payment providers, the growing popularity of TrueLayer among players and online casinos doesn’t come as a surprise.

Target Markets

As a company headquartered in the UK, TrueLayer is primarily focused on European markets.

In total, the service is available in 16 countries across the continent, including Irelan, Germany, France, Poland, Sweden, Norway, and Lithuania.
One of the largest expansions occurred in 2022, when TrueLayer became available in Portugal, Belgium, Austria, Denmark, and Finland. Over 25 banks in Austria, 50 in Denmark, 5 in Finland, and 18 in Belgium offered customers the option to use this payment service.

Since 2021, TrueLayer is also available in Australia. The future plans include expanding the European footprint and entering North America.

TrueLayer Account

You don’t have to open a TrueLayer account to use this product. TrueLayer is a B2B service intended for a wide range of businesses (including banks and merchants). However, you will need an account with a supporting banking institution. We recommend checking with your bank whether it offers TrueLayer beforehand.

TrueLayer will enable you to access all of your bank accounts using a single connection. This saves a lot of time, as you won’t need to log into each account individually. Another plus of using TrueLayer is the possibility of conducting safe and fast transactions.

How to Deposit with TrueLayer?

Depositing money with TrueLayer is a piece of cake. The first thing you need to do is join an online casino that accepts this payment method. Log into your account, and go to the Cashier page to choose TrueLayer as your preferred payment option.

Enter the sum you want to add to your balance, click Deposit, and choose your bank from the list. You will be redirected to your online banking page, where you need to confirm the transaction. Use your banking credentials to do so.

How to Withdraw with TrueLayer?

The process is equally easy and virtually the same. The main difference is that you will be visiting the withdrawal section of the casino’s Cashier page.

Once there, enter the amount to cash out and choose the Online Banking option. From the list of available options, pick your bank. Use your online banking credentials to confirm the transaction.

The casino will redirect you to the bank interface to verify your account. Once TrueLayer reviews and authorises your details, the funds will appear in your bank account within minutes.

Transfer Times, Fees, and Security

All deposits and withdrawals made with TrueLayer are processed immediately. The transactions don’t require manual input of any user data like IBAN or bank account number.

After making your first TrueLayer deposit, you will automatically gain access to fast payouts. When it comes to the waiting time, it can take up to 2 hours. The best part is that all transactions are available 24 hours a day, seven days a week, and are processed in real-time.

However, remember that each online casino has a pending period for the gambling site to review and approve your cashout request. Withdrawing with TrueLayer is fast, but the casino must confirm your transaction first.
In most cases, online casinos accepting TrueLayer won’t charge any fees when using this service. However, we advise checking the casino’s terms and conditions to avoid potential costs.

As a bank is included in the entire process, expect its own fees for using TrueLayer. The exact amount varies from bank to bank, so it is best to check it beforehand.

When it comes to safety, we have to point out that open bank is a highly secure service. It uses a wide range of security measures in accordance with PSD2 legislation. The APIs used in the process are regularly tested to ensure they work flawlessly.

TrueLayer doesn’t have access to any personal or financial data. Users share only their credentials, and the entire transaction starts after a bank or a credit card issuer is given the green light to act.

TrueLayer is overseen by the UK Financial Conduct Authority, the same body that regulates PSD2 in the country. It further confirms the service’s legitimacy and safety. Also, the casino payment method uses 256-bit encryption and holds an ISO27001 Information Security Management certificate.

Customer Support

The most convenient way to get in touch with the customer support team is via live chat. You can choose whether you wish to just type in your query or talk to an agent.

Customer support is available between 8 a.m. and 8 p.m. GMT and should respond within half an hour. In addition to English, the service is available in Portuguese, Spanish, French, Italian, and German.

Keep in mind that TrueLayer is a B2B platform, meaning all communication channels are primarily intended for business clients. If you experience any problems while using TrueLayer, it is best to contact your bank.