Ninety Nine implements instant payments with TrueLayer
By Joy Dumasia
TrueLayer, Europe’s open banking platform, announced its collaboration with innovative Spanish broker Ninety Nine to improve investor experience using open banking payments. 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 market-leading 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 easily and securely connect their primary bank account to the trading app 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 central banks, making it faster and easier for customers to authenticate an open banking payment using biometrics such as Face ID or fingerprint. TrueLayer is the only open banking provider to support app2app journeys for all of the Spanish banks.
Martin Villaverde, Head of Product at Ninety Nine, said: “We aim to be the most transparent platform, and we put the values and money of our users above all else. That is reflected in how we look to educate our users on how markets operate, what can affect share prices and so on. But it was also clear that the payments side did not match that experience, and so we turned to TrueLayer to help us deliver instant payments using open banking. Now our users can fund their account in seconds, which is a much better experience for them.”
Joe Morley, GM Europe at TrueLayer, added: “Spain is witnessing the growth of innovative FinTech firms that are embracing the benefits of open banking to deliver new digital services to consumers. Nowhere is this more apparent than in the rise of retail platforms and brokers that are offering Spanish consumers a more transparent and fairer way to invest in global stocks. We’re delighted to be working with Ninety Nine as it continues to develop its platform through the implementation of instant account funding using TrueLayer. With TrueLayer, open banking payments offer the fastest, most secure and user-friendly payment method available.”
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