Following this partnership, investors will be given the possibility to quickly access and trade with funds that are deposited into their CMC Markets accounts through the TrueLayer payment methods. Moreover, customers and users from the UK and Europe will be enabled to make seamless, secure, and fast payments by leveraging TrueLayers’s Open Banking technology.
With the use of TrueLayer payments, clients’ details and information will instantly be pre-populated while having a strong customer authentication (SCA) built in as well, focusing on reducing friction and multiple online risks, such as fraud and identity theft.
Open Banking payments network TrueLayer had multiple partnerships and product launches in the last couple of months, covering different geographic areas around the world.
In July 2023, The ETF investment platform InvestEngine announced its collaboration with TrueLayer in order to use variable recurring payments in ETF investing. Following this announcement, InvestEngine was given the capability to improve its new Savings Plans feature for clients and users, which allowed both new and experienced investors to save funds for their future plans in a secure, easy, and efficient manner.
After integrating VRPs on its platform, InvestEngine planned to provide individuals and customers with the possibility to automatically top up weekly, monthly, and fortnightly from a bank account of their choice. This happened without the need for the client to have a routinely renew of the mandate. The changes were set to offer a faster and improved experience for the company’s clients.
Earlier in the same month, TrueLayer launched its payment links, a feature that was designed to enable firms and businesses to accept Open Banking payments online, in-store, and via chat. The product launch focused on facilitating instant payments powered by Open Banking directly from a text message, email, or a QR code.
In order to use the payment links, customers needed to scan a QR code or click an online link that was received through an email, chatbot conversation, or text message. This took the client directly to their online banking account to carry out the payments straight to the business or company. The functionality of the product can be used either online or as a part of the in-store experience.
Combined with the expertise of TrueLayer and its reach across Europe, the feature was set to improve the development and growth of Open Banking payments in the market.
For more information about TrueLayer, please check out their detailed profile in our dedicated, industry-specific Company Database.
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