Spanish broker Ninety Nine implements instant payments with TrueLayer

Thursday 25 November 2021 11:46 CET | News

TrueLayer, Europe’s Open Banking platform, has announced its collaboration with Spanish broker Ninety Nine to deliver an improved investor experience using open banking payments.

Ninety Nine was established with the goal to educate consumers on investing and empower their relationship with their money. It offers an accessible long-term investing platform, designed for everyone who wants to invest in their own way.

Like many investing platforms it has seen a huge increase in customer sign ups and, in particular, millennials who are looking to invest in well-known international stocks such as Apple, NVIDIA and Tesla.

With rising investor interest and a growing customer base, Ninety Nine recognised that existing payment methods such as cards were slow, costly to the business, and did not match the overall user experience of its app. It turned to TrueLayer, the platform that processes more than half of all open banking traffic in Spain, to improve in-app payments using open banking.

With instant payments delivered by TrueLayer, Ninety Nine’s customers can connect their primary bank account to the trading app and using Payments Initiation. As a result, they can fund their investment account in a matter of seconds, enabling them to make timely investment decisions.

Open banking payments in Spain continue to improve with the recent implementation of app2app flows by the major banks, making it faster and easier for customers to authenticate an open banking payment using biometrics such as Face ID or fingerprint.

Research by YouGov and TrueLayer has shown that payments influence Spanish investor satisfaction. A quarter of Spanish investors said they had missed out on investment opportunities because funds didn’t appear in their accounts quickly enough, causing them to miss trading cycles. 

The research also revealed that 82% of Spanish investors agreed that instant transactions would lead them to trust an investment services provider more. Crucially, 88% of Spanish investors said they were comfortable with using instant, direct bank transfers that Ninety Nine has implemented via TrueLayer to fund their investments.

For more details about TrueLayer, check our online company database.

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Keywords: Open Banking, account-to-account payment, payment initiation
Categories: Banking & Fintech
Countries: Spain
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Banking & Fintech

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