Tech

Spanish broker NinetyNine uses TrueLayer to implement instant payments

TrueLayer, Europe’s leading open banking platform, today announced a collaboration with innovative Spanish broker Ninety Nine to use open banking payments to enhance the investor experience.

Ninety Nine was founded with the goal of educating consumers about investment and strengthening their relationship with money. It provides an easy-to-use and accessible long-term investment platform and is designed for everyone who wants to invest in their own way.

As with many investment platforms, the number of registered clients has increased significantly, especially for millennials who are considering investing in well-known international stocks such as Apple, NVIDIA and Tesla.

With increasing investor interest and a growing customer base, Ninety Nine realized that existing payment methods such as cards were slow, costly to the business, and inconsistent with the overall user experience of the app. To improve in-app payments using open banking, we turned to TrueLayer, a market-leading platform that handles more than half of all open banking traffic in Spain.

Instant payments provided by TrueLayer allow Ninety Nine customers to easily and securely connect their primary bank account to the trading app using Payments Initiation. As a result, they can fund their investment accounts in just a few seconds and make timely investment decisions.

Spain’s open banking payments continue to be improved with the recent implementation of the app2app flow by major banks, making it faster and easier to authenticate open banking payments using biometrics such as Face ID and fingerprints. I am. TrueLayer is the only open banking provider that supports the app2app journey of all Spanish banks.

According to a YouGov and TrueLayer survey, payments affect the satisfaction of Spanish investors. A quarter of Spanish investors say they missed an investment opportunity because their funds didn’t immediately appear in their accounts and missed the trading cycle.

The survey also revealed that 82% of Spanish investors agreed that immediate transactions would make investment service providers more credible. Importantly, 88% of Spanish investors said they were happy to use the immediate direct bank transfer that NinetyNine implemented to fund their investments through TrueLayer.

Martin Villaverde, Product Manager at NinetyNine, commented: “We are aiming for the most transparent platform, and we value and money our users above all else. This is about how our markets operate and what can affect our stock prices. It’s reflected in the way we educate, but it was also clear that the payers didn’t match that experience, so we used TrueLayer to provide instant payments using open banking, which allowed the user to take a few seconds. Now you can fund your account. This is a much better experience for your users. “

Joe Morley, GM Europe of TrueLayer, said: “Spain is witnessing the growth of innovative fintech companies that are leveraging the benefits of open banking to provide new digital services to consumers. To invest in global stocks for Spanish consumers. Nowhere is this more obvious than the rise of retail platforms and brokers that offer a more transparent and fair way of doing things with NinetyNine as they continue to develop their platforms through the implementation of immediate account financing using TrueLayer. We are pleased to work with you. With TrueLayer, open banking payments provide the fastest, safest and most user-friendly payment method available. ”

Spanish broker NinetyNine uses TrueLayer to implement instant payments

Source link Spanish broker NinetyNine uses TrueLayer to implement instant payments

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