TrueLayer and SumUp partner to simplify account top-ups

SumUp has partnered with TrueLayer to integrate 'Pay by Bank' technology into its consumer app. For retailers and small business operators who use SumUp, this means the platform is moving toward a more seamless, closed-loop financial ecosystem. The new feature allows users to fund their SumUp personal accounts instantly using real-time bank transfers rather than relying on traditional debit or credit cards. This is significant for the merchant community because it bypasses the traditional card networks (like Visa or Mastercard) which often come with higher fees and slower settlement times. By using Open Banking, the funds move directly from the customer’s bank to their SumUp account. For business owners, this signals a broader industry shift toward account-to-account (A2A) payments. As these systems become more popular with consumers, merchants can expect lower processing overhead and reduced risk of chargebacks compared to standard card transactions. While this specific update focuses on account top-ups, it lays the groundwork for more direct payment options at the point of sale.

Source: Finextra — Lending

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