TrueLayer, a new cloud-based platform created to connect fintech developers with bank data, has launched private beta following a 1.3 million GBP funding round.

TrueLayer is a platform created for the development of financial apps, giving developers real-time access to structured customer data. It provides developers with tools to create fintech by connecting them to necessary data, while ensuring banks continue to meet key regulatory requirements.

Banking regulations in the UK and EU are changing rapidly. In the UK, the Competition and Markets Authority (CMA) and the EU’s revised Payment Services Directive (PSD2) are expected to change the financial industry through modifications to security and transparency requirements. Fintech will help traditional banking institutions to bridge the gap to the new regulations, provided there is a method for creating, testing and deploying new technology.

The TrueLayer API provides developers with accurate, real-time data in a secure environment, using permission-based authorization to limit liability with customer privacy protections. It also provides 24-hour support, simple documentation and sample code to help fintech developers get started.

The platform uses OAuth 2.0 authentication for tokenized access to banking systems. OAuth 2.0 is the industry standard protocol for authentication, focusing on simplicity and specificity of authorization flows.

TrueLayer CEO Francesco Simoneschi said, “Our vision is to create cloud infrastructure that will allow banks to connect with applications and make their services available to innovative startups that are keen to re-invent the customer experience.”

Using the TrueLayer API, developers can verify customer accounts, access balance and transaction data, and perform credit scoring and risk assessment functions. Financial data is aggregated into a single source, making the development and rollout of fintech applications easier.

“Technology is transforming banking – but so far we’ve only scratched the surface in terms of what’s possible. Fintech developers need the right tools in order to innovate and that’s what TrueLayer provides,” said Pietro Bezza, Managing Partner at Connect Ventures, the company that led the recent funding round for TrueLayer.

TrueLayer has launched private beta in the UK and plans to deploy the platform throughout Europe this year.