European airline Ryanair partners with TrueLayer to offer Pay by Bank

Europe’s largest airline group Ryanair has partnered with Open Banking payments network TrueLayer to introduce Pay by Bank at checkout.

Ryanair’s customers can now choose ‘Pay by Bank App’ when booking flights and, in doing so, experience faster, more secure and “seamless” payments.

In a press statement, TrueLayer stated that Pay by Bank is cheaper for merchants, adding that Ryanair can “save millions of pounds” if customers Pay by Bank instead of via traditional card payments.

TrueLayer also pointed to Pay by Bank’s reliance, particularly during the CrowdStrike outage, which left travel operators unable to process card payments and caused global losses of more than £4 billion. Meanwhile, merchants offering Pay by Bank continued receiving payments, according to TrueLayer.

Francesco Simoneschi, co-founder and chief executive officer of TrueLayer, wrote on LinkedIn: “This is a major milestone for Pay by Bank in the ecommerce space, and brings us closer to Pay by Bank becoming a ubiquitous payment method, as envisioned in the National Payments Vision.

“A huge thank you to the amazing Ryanair team for their partnership in making this happen. It’s clear why Ryanair is a global success story, given how quickly they embrace innovation that benefits their customers.”

The partnership with Ryanair follows TrueLayer’s recent collaborations with ecommerce sites Just Eat Takeaway and Lastminute.com, which are now live with Pay by Bank.

Since going live on JustEat in October, TrueLayer has recorded 500,000 sales.

In its National Payments Vision released last month, the government set out one of its ambitions is that “seamless account-to-account payments are developed as a ubiquitous payment method”.

Further reading: Stripe chooses TrueLayer as Open Banking partner in the UK