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Latest Truelayer API News
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Mexican fintech Arcus, recently acquired by Mastercard, received authorization from the National Banking and Securities Commission (CNBV) to ...
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- Central Bank Digital Currency's Role in Promoting Financial Inclusion
Fintech Notes No 2023/011. Subject: Economic sectors Technology ... Fintech Notes in full text. 2023 2022 2021 2020 2019 All. Search Publications.
The financial technology company named TrueLayer was created in London, UK by Francesco Simoneschi and Luca Martinetti back in 2016. Accessing financial data from multiple banks is made easy through the company’s open banking platform. Managing their finances with ease and effectiveness is made possible by this.
The platform uses Kubernetes and Docker to manage containerized applications in a microservices architecture for its technical infrastructure. The message bus employed by the company for handling real-time data streaming between different components of its platform is Apache Kafka.
It connects with banks and financial institutions using APIs. Various financial services can be provided by accessing data on the user’s behalf. The company provides various APIs, among which are payment initiation APIs. These APIs enable developers to begin payments for a user through the payment infrastructure.
It provides APIs for account aggregation, enabling developers to retrieve a user’s account information from various banks in a single location. With the transaction categorization APIs, users can conveniently analyze their spending behavior and manage their finances with greater precision.
Fast response times and reliable uptime are characteristics that generally describe the API performance as excellent. By investing heavily in their infrastructure, the company has ensured minimal downtime risks by building redundancy and failover capabilities into their systems.
By providing various tools and resources, it has demonstrated unwavering support towards developers who are building applications designed to work alongside its platform. Detailed documents, sample code, and a developer gateway where software engineers can get help and connect with others working on similar assignments are provided by the company.
The platform has faced some significant downtimes over time in terms of downtime. The company’s API platform was among the services that were significantly affected during the July 2020 outage. The outage resulted in disruption lasting several hours for both customers and partners.
Notwithstanding this outage, the company has generally maintained its reliability and stability, with infrequent significant periods of downtime. Maintenance of the availability and reliability for its APIs and other services is a priority for the company due to their strong commitment. The company is willing to invest in its infrastructure to guarantee the performance and scalability of its platform remain optimal.
Its efforts to build an open banking platform and developer ecosystem have been extremely successful overall. The crucial role that enabled this ecosystem was played by the company’s APIs. TrueLayer has shown a firm dedication to assisting developers in constructing innovative applications that utilize its platform.
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