Truelayer.com Review

Based on checking the website, TrueLayer.com presents itself as a robust open banking payments network designed to simplify financial transactions for businesses and consumers across the UK and Europe.

Read more about truelayer.com:
truelayer.com Review & First Look
truelayer.com Pros & Cons (from an Ethical Islamic Standpoint)
truelayer.com Alternatives
Does truelayer.com Work
Is truelayer.com Legit
truelayer.com a Scam?
truelayer.com Pricing
truelayer.com vs. Traditional Payment Methods
truelayer.com Companies House Information
truelayer.com CEO
truelayer.com FAQ

The platform aims to connect banks, individuals, and brands, facilitating instant bank payments and payouts.

While the website showcases impressive statistics, such as over $116 billion in annualised total processing volume TPV and 15 million users, it’s crucial to delve deeper into the nature of their services from an ethical standpoint, particularly concerning Islamic principles. truelayer.com FAQ

The concept of “open banking” itself is designed to make financial data and transactions more accessible and efficient, which, in theory, can be a tool for good.

However, the application of such technology is what truly determines its permissibility.

Here’s an overall review summary of TrueLayer.com:

• Core Service: Open banking payments network enabling instant bank payments and payouts.
• Target Audience: Businesses Ecommerce, iGaming, Financial Services, Crypto and consumers in the UK and Europe.
• Key Metrics Advertised: >$116B annualised TPV, >200M annualised transactions, 15M users.
• Product Offerings: Payments instant bank payments, Payouts verified, recurring, Integration Toolkit SDKs, plugins for WooCommerce, Shopify, Magento, Console.
• Industries Served: Ecommerce, iGaming, Financial Services, Crypto.
• Regulatory Status: Advertised as “FCA authorised,” implying compliance with financial regulations in the UK.
• Ethical Concerns Islamic Perspective: The website’s explicit mention of “iGaming” and “Crypto” as industries served raises significant concerns. iGaming online gambling is unequivocally forbidden in Islam due to its speculative and addictive nature, involving elements of chance and often leading to financial ruin. While crypto trading can be permissible under certain conditions, its frequent association with highly speculative and volatile investments, as well as the potential for interest-bearing activities or involvement in un-Islamic projects, makes a blanket endorsement problematic without further clarification of how TrueLayer ensures adherence to Sharia principles in this domain. The core payment processing itself might be neutral, but facilitating industries that are clearly impermissible is a major red flag.
• Website Transparency: Good presentation of features, metrics, and customer testimonials. Clear navigation to documentation and a blog.
• Missing Information from an ethical standpoint: There’s no clear statement or policy regarding the types of businesses they explicitly refuse to work with, particularly those involved in industries deemed impermissible in Islam. While they mention being FCA authorized, there’s no mention of any ethical screening beyond regulatory compliance, which often does not align with Islamic ethical finance.

The website’s detailed explanations highlight a focus on user experience, with “ready-made UIs” for apps and browsers, and “easy plugins & libraries” for popular e-commerce platforms like WooCommerce, Shopify, and Magento.

This indicates a strong emphasis on ease of integration for businesses. truelayer.com CEO

They claim their “Console helps you kickstart product integration in easy steps,” aiming to speed up the process of taking payments.

Customer testimonials further reinforce their commitment to service and efficiency, with quotes mentioning “simplified in-app deposit flow” and cost-effective processing.

The stated goal of “bank-to-bank transactions” potentially surpassing traditional card processing mechanisms suggests a forward-thinking approach to payments.

However, the primary issue for a Muslim reviewer lies in the targeted industries.

The clear promotion of services for “iGaming” and “Crypto” sectors is a significant ethical hurdle. truelayer.com Companies House Information

In Islam, engaging in gambling maysir is strictly forbidden, as is any financial transaction involving excessive uncertainty gharar or interest riba. While open banking itself is a technology, its application to facilitate transactions for online casinos or highly speculative crypto platforms directly contradicts Islamic financial principles.

Even if TrueLayer’s service is just a payment gateway, enabling these activities makes them complicit in supporting forbidden practices.

Therefore, despite the technological advancements and efficiency TrueLayer.com offers, its direct involvement and promotion of services for the iGaming industry, coupled with the lack of explicit ethical filters for other potentially non-permissible financial activities within the crypto space, makes it an unsuitable platform from an Islamic ethical perspective.

For Muslims seeking to engage in financial transactions, it’s paramount to ensure that all aspects of the service align with Sharia principles.

Here are some alternatives for ethical and permissible financial transactions and services, focusing on general financial management and ethical business practices, rather than direct payment gateways for specific non-permissible industries: truelayer.com vs. Traditional Payment Methods

• Islamic Finance Hubs: While not direct payment processors, platforms that specialize in Sharia-compliant investments and financial management. These often provide resources and tools for ethical wealth building.
  • Key Features: Sharia-compliant investment options, zakat calculators, financial education.
  • Price: Varies depending on services. some are free, others charge advisory fees or management fees.
  • Pros: Ensures adherence to Islamic principles, focuses on ethical growth, often community-oriented.
  • Cons: Limited in scope for direct business payment processing, may require separate integration with other tools.
• Halal Payment Gateways where applicable: These are nascent but growing. Look for payment processors that explicitly state their commitment to Sharia compliance and audit their merchant base.
  • Key Features: Processing payments for halal businesses, adherence to Islamic finance principles.
  • Price: Transaction fees, monthly fees.
  • Pros: Directly addresses the need for permissible payment processing.
  • Cons: Fewer options globally, might have stricter onboarding processes.
• Ethical Banking Services: Banks or financial institutions that operate on ethical principles, such as avoiding interest riba and investing in socially responsible ventures.
  • Key Features: Interest-free accounts, ethical investment portfolios, transparent operations.
  • Price: Account maintenance fees, transaction fees.
  • Pros: Full banking services with a strong ethical foundation.
  • Cons: May not offer the same level of integration for e-commerce as specialized payment networks, limited availability in some regions.
• Traditional Payment Processors with Ethical Screening: Some mainstream payment processors might allow businesses to set up filters or have policies against certain industries. This requires careful due diligence by the business.
  • Key Features: Wide acceptance, established infrastructure.
  • Price: Standard transaction fees.
  • Pros: Broad compatibility.
  • Cons: Ethical screening might not align perfectly with Islamic principles. responsibility falls heavily on the user to ensure compliance.
• Open-Source Payment Solutions Self-Hosted: For technically proficient businesses, self-hosting open-source payment solutions allows maximum control over the types of transactions and industries supported, ensuring ethical compliance.
  • Key Features: Full control over code and integrations, customizable.
  • Price: Development and hosting costs. no per-transaction fees from the solution itself.
  • Pros: Ultimate control over ethical adherence, no reliance on third-party policies.
  • Cons: Requires significant technical expertise, higher initial setup cost.
• Direct Bank Transfers for smaller scale: For businesses with lower transaction volumes or specific B2B needs, direct bank transfers can bypass complex payment networks entirely, ensuring clear, interest-free transactions.
  • Key Features: Simple, often low-cost, direct.
  • Price: Bank transfer fees if any.
  • Pros: Simple, direct, avoids intermediary complexities.
  • Cons: Less scalable, manual reconciliation, not suitable for high-volume e-commerce.
• Business Banking Accounts with Ethical Mandates: Similar to ethical personal banking, these accounts are offered by institutions committed to ethical investment and operations, ensuring that the financial infrastructure supporting your business is sound.
  • Key Features: Interest-free business accounts, ethical investment options for business reserves.
  • Price: Account fees, transaction fees.
  • Pros: Peace of mind regarding the underlying financial practices of your bank.
  • Cons: May not have the same integration capabilities as specialized payment providers.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

truelayer.com Pricing