The collaboration, one of the first of its type in the brokerage market, will enable Stake’s UK customers to make transfers from their bank accounts without leaving the Stake app.
When making a funding decision on Stake, customers will decide the amount in GBP they want to fund into USD. Before confirming and committing to the transfer, the interbank spot rate, any minor fees and complete transaction details will be displayed for customers to review. When ready to transfer, the app will direct people to TrueLayer’s Open Banking screen to choose the bank to transfer money from. They will then be directed to the banks website to login and approve the transfer. This process takes just seconds and customers’ bank details are never shared with anyone but their bank.
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