Open Banking: TrueLayer and Stake Partner on Transfers

TrueLayer and Stake have formed a partnership to speed up the transfer of money in the brokerage market.  Customers of Stake, a brokerage app, can now use “Payments Initiation” to transfer money to quickly make investments. The arrangement is said to be one of the first of its kind.

Mandated by the EU’s Open Banking-style regulation PSD2, Payments Initiation is a way of transferring money in a more efficient manner.

Francesco Simeoneschi, CEO and co-Founder of TrueLayer, said facilitating financial transactions and payment flows will be the largest use case for Open Banking and Stakes customers will benefit from their service:

It allows them to make faster decisions which are critical for successful investors. This is exactly the type of innovation envisioned by Open Banking – enhancing financial services to tangibly benefit consumers. We’re looking forward to working with Stake’s team to help them to continue to disrupt the brokerage market.”

Matt Leibowitz, CEO and co-founder of Stake, called the Payments API game changing. He said his company is all about breaking down barriers between global investors and the US stock market, and Payments Initiations will enable faster transfers without even having to leave the app.

Founded in 2016 and headquartered in London, TrueLayer seeks to grow the Open Banking economy by enabling developers to build and launch best-in-class financial products.

Stake is a global brokerage app and website that was established solely to give users direct access to trade US stocks from outside America. Stake customers can now use Payments Initiation to transfer money to quickly make investments within Stake’s platform.

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