back Back

TrueLayer and Freetrade to boost investing experience using Open Banking

By Megha Bhattacharya

September 03, 2020

  • Freetrade
  • TrueLayer
  • UK
Share

Francesco Simoneschi, CEO and Co-Founder of TrueLayer
Francesco Simoneschi, CEO and Co-Founder of TrueLayer

TrueLayer today announced a collaboration with Freetrade in a bid to deliver enhanced investing experience using Open Banking to around 200,000 of its customers. Freetrade, the commission-free investing app, has already implemented TrueLayer’s Open Banking Data and Payment APIs. The platform allows Freetrade’s customers to connect their primary bank account to the its app, thus providing securing funding via Payments Initiation.

Francesco Simoneschi, CEO and co-Founder of TrueLayer, commented, “We’re delighted to work with an innovator like Freetrade, supporting it to continually improve its investment platform. At TrueLayer, we believe money should be able to move fast and securely, and streamlining the payments process makes a tangible difference to consumers. Freetrade’s customers now benefit from faster, highly secure transfers using Payments Initiation. That gives them real peace of mind that they can fund their selected account, make agile investment decisions, and proactively build their portfolio.”

Freetrade stated that the collaboration with TrueLayer has dramatically improved processes allowing its customers to fund their accounts and make timely investment decisions. According to Freetrade, its app has been designed to offer customers more equitable access to the stock markets, offering transparent information, and educating customers about constructive long-term investing habits.

Adam Dodds, CEO of Freetrade, added, “Open banking integration is an essential step on our mission to get everyone investing, allowing customers to add funds seamlessly and with confidence. Partnering with TrueLayer, we’re pleased to be able to offer our customers a dramatically improved account funding experience. TrueLayer’s innovative technology is enabling us to introduce and optimise a seamless funding experience that will further help   our customers meet their financial goals.”

Recently, TrueLayer revealed that the use of Payment Initiation grew around 832% between March and July in the UK. The majority of the growth, i.e., around 88%, was from people with bank accounts held at traditional financial institutions such as Lloyds or Barclays.

Previous Article

September 03, 2020

Mastercard and MDEC to accelerate financial inclusion in Malaysia

Read More
Next Article

September 03, 2020

FinecoBank expands UK offering with Algebris Funds

Read More






IBSi Daily News Analysis

June 21, 2024

Freetrade

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 21, 2024

MECCA & Adyen to offer a seamless payments experience in Australia

Read More

June 21, 2024

Vipps, MobilePay launch cross-border P2P payments in the Nordics

Read More

June 21, 2024

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023