TrueLayer and Freetrade to boost investing experience using Open Banking
By Megha Bhattacharya
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.
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