InvestEngine partners with TrueLayer

Wednesday 26 July 2023 13:09 CET | News

ETF investment platform InvestEngine has partnered with the Open Banking payments network TrueLayer to use variable recurring payments in ETF investing.

Following this partnership, InvestEngine will be given the possibility to improve its new Savings Plans feature for customers, which allows both new and experienced investors to save funds for their future in an easy, secure, and efficient way. 

By incorporating VRPs on its platform, InvestEngine aims to offer individuals the possibility to automatically top up weekly, fortnightly, and monthly from a bank account of their choice, without the need to have a routinely renew of the mandate. The changes will provide a faster and more efficient experience for the users.

The funds will be ready to be invested based on the client’s chosen investments through the AutoInvest feature of InvestEngine. This will ensure that any uninvested cash will automatically be invested each day, based on the customer’s prior chosen portfolio weights.

Furthermore, the collaboration aims to combine this feature with Savings Plans and Exchange-traded funds (ETF) in order to develop new features and benefits, including lower costs, easy access to products, and improved diversification. Investors will be enabled to grow their portfolios and avoid the risks and costs that are associated with stock-picking and other expensive legacy platforms. 

ETF investment platform InvestEngine has partnered with the Open Banking payments network TrueLayer to use variable recurring payments in ETF investing.


TrueLayer’s recent collaborations and launches

The Open Banking platform TrueLayer had multiple partnerships and product launches in the last couple of months, covering several geographic areas around the world. 

In July 2023, TrueLayer launched its new payment links, a feature that was designed to enable businesses and enterprises to accept Open Banking payments online, in-store, and via chat. The product launch aimed to facilitate instant payments that are powered by Open Banking directly from an email, QR code, as well as text messages. 

In order to use the payment links, the customer needed to scan a QR code or to click a link that took them directly to their online bank accounts, so they could carry out the payments straight to the businesses. 

Earlier in the same month, the company published new research that revealed how merchants and traders needed to breach the gap between payment experiences and users' expectations. The report was entitled The Payments Experience Playbook and it showed that nearly 9 of 10 clients experienced frustrations with their online payment experiences. With 55% of customers saying that they would abandon their transactions because of the poor payment experience, there was a clear need for traders to explore alternative payment methods in order to improve the client experience and to drive continued development for their businesses. 

For more information about TrueLayer, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: partnership, mobile banking, online banking, digital banking, financial services, financial institutions, Open Banking, Open Finance
Categories: Banking & Fintech
Companies: InvestEngine, TrueLayer
Countries: United Kingdom
This article is part of category

Banking & Fintech




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