Nutmeg to launch open banking payments

Thursday 30 July 2020 14:19 CET | News

UK-based wealth manager Nutmeg has announced the launch of open banking payments, allowing customers to make payments directly from their bank or building society.  

Nutmeg, which says that bank transfers currently account for a small proportion of payments, has partnered with a provider of financial APIs, TrueLayer, to give customers the opportunity to set up a quicker way to pay with multiple layers of security simply by setting up payments from their mobile or online banking, according to the official press release.  

Open banking payments use banks’ APIs to initiate a transfer from one account to another. Open banking allows vendors to pass payment details to the user’s bank via a third-party payment initiator. The integration of TrueLayer’s payment API means Nutmeg’ customers will use open banking payments (payment initiation) to contribute to their investments.

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Keywords: Nutmeg, Open Banking payments, Open Banking, banks, payments , bank transfers, financial API, TrueLayer, mobile banking, online banking, TPPs, payment initiation
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech

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