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TrueLayer and WealthOS partner to enable instant bank payments in wealth management products

By Joy Dumasia

August 02, 2022

  • Account to Account Payments
  • Europe
  • FinTech
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TrueLayer, Chip, Wealth-building App, Customer Experience, Faster Account Payments, BlackRock, Savings, Payments Initiation, Real Time Payment, Apple Pay, EuropeTrueLayer announced its partnership with WealthOS, the innovative SaaS platform that accelerates digital adoption and innovation for wealth managers. Together they are bringing the benefits of instant bank payments with improved speed, customer experience and security, at a lower operational cost to the account funding process.

Nick Tucker, Head of Financial Services at TrueLayer, commented: “Fast and secure account funding is an essential element of a great wealth management service. Customers are used to these experiences in their everyday lives, so why should the management of their money and long-term investing be any different? That’s why we’re excited by the possibilities that partnering with WealthOS will deliver by embedding our instant, secure payments into their platform and supporting wealth managers to deliver a truly digital experience.”

The higher value transactions in wealth management make account funding with card payments ineffective as they can be flagged by banks, resulting in delays, rejected payments and customer dissatisfaction. As a result, customers can miss critical deadlines such as end-of-tax-year allowances or the market opportunities they were trying to capture. Online bank transfers offer another method to fund accounts, but require customers to leave a wealth app, sign in to their banking portal and carry out the transfer often frustratingly toggling back-and-forth between screens and devices.

WealthOS clients can embed TrueLayer’s instant, secure account-to-account payments within the funding journeys of their digital wealth products. Better still, the collaboration is part of WealthOS’ no code integrations marketplace, meaning WealthOS clients can access this seamless account funding capability without writing a single line of code. Payments powered by TrueLayer remove the need for customers to leave their wealth app to make payments. Instead, customers simply select the ‘Instant bank transfer’ option at the top of the payment screen and authenticate to confirm the payment.

As well as improving the customer experience through smoother deposits, payments with TrueLayer provide numerous operational benefits. This includes lower processing fees compared to other deposit methods and real-time payment confirmation and settlement, providing wealth managers with the assurance that every transaction has been authorised and received into their customers’ account.

Anton Padmasiri, Co-founder/CEO, at WealthOS explained: “Customer experience is the battleground upon which many wealth management firms are fighting to gain users. To capture the significant generational transfer of wealth and expansion of the industry over coming years, wealth managers need to be able to compete with seamless financial experiences that consumers have elsewhere in their lives. We are thrilled to be able to bring secure, seamless account funding to wealth management products through our partnership with TrueLayer.”

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