- PassTo will work alongside TrueLayer, a provider of application programming interface solutions, to deliver new remittance-sending opportunities to its customers.
- The main changes for the end user will be an improved deposit function and a reduced reliance on bank transfers.
- A senior figure at TrueLayer emphasised how important it was that customers could reduce the risk of being hit by hidden costs – and expressed hope that PassTo could improve the user experience.
A British cross-border payments provider has announced a new collaboration designed to improve international money transfer options for customers.
PassTo, which is based in London and which is less than a year old, said that it would work alongside the fintech firm TrueLayer.
TrueLayer offers application programming interfaces (APIs) that specialise in the financial sector.
The new arrangement will mean that PassTo’s customers can enjoy cross-border payments services that are compatible with new Open Banking regulations.
The main change from the customer’s perspective will be the arrival of instant deposits that are made within the app.
This means that a variety of funding avenues can be chosen – and that the previous reliance on bank transfers is no longer necessary.
A representative of TrueLayer used the opportunity to explain why the new arrangement could reduce unexpected and secret fees for customers.
Francesco Simoneschi, who co-founded the firm and now serves as its chief executive officer, said that online money transfer customers often find themselves having to shell out unexpectedly at the last minute.
“Consumers have plenty of options when it comes to international money transfer but many of the charges remain hidden until the process is almost complete,” he said.
He went on to point out that the new collaboration between his firm and PassTo could solve this problem.
“PassTo has created a service that delivers rapid, secure international payments at a lower cost that creates a meaningful difference to consumers. Together we can make this process even smoother and more cost-effective,” he explained.
He added that his firm was anticipating positive results from the new partnership.
“We look forward to seeing how they will use the capabilities offered by Open Banking to further enhance their service,” he said in the press statement.
PassTo is a relatively new name on the online money transfer scene, having only been launched towards the end of last year.
It is owned by the British technology firm BlaBla Connect Limited – a British tech firm set up in 2012.
In the press material for this latest news, it described itself as having a goal of combating financial exclusion.
It is aimed mainly at expats who are residing in Britain, the press material said.
It also claimed that money transfers routed through the service were “protected by the highest levels of security”.
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