ANNA users will have a new option to use instantaneous quick response codes for mobile payments.
ANNA Money users will now have the option to choose the use of instant QR codes to make payments through a new partnership between the FinTech and TrueLayer.
Using the quick response codes would eliminate the requirement for terminals and payment cards.
ANNA is a provider of financial administration, business accounts and debit cards for customers such as small businesses and freelancers. Using an instant QR code makes it possible to eliminate some of the physical requirements of many more traditional forms of payment, such as plastic cards and payment terminals. The FinTech’s customers can use the barcodes as a completely different option.
The company’s clients are working to conduct their business in a new way. Using the quick response code makes it easier for them to be able to send a payment request. Instead of having to create an invoice and wait for a payment to be made, the barcode is used. This is meant to save considerable time and effort, explained Irakli Agladze, ANNA’s head of open banking.
The instant QR code makes it possible to skip manual invoicing without needing a payment terminal.
Agladze explained that many of the company’s customers open banking APIs to begin their accounts, and then they immediately add funds. Therefore, the transition to new, different, but seamless ways of receiving B2B payments transactions also made sense.
This new shape of service was created to shrink transaction costs and make transfers faster so that users can better manage their schedules as well as their finances.
TrueLayer co-founder and CEO, Francesco Simoneschi said that the company feels the future of payments is by way of innovative B2B approaches such as the implementation and use of quick response codes, with time and money savings as considerable incentives.
TrueLayer and ANNA first launched their partnership in 2019. This involved the integration of ANNA’s API services and utilizing account aggregations and quicker and more efficient VAT calculations by way of its own application. The instant QR code is only among its latest new offerings.