TrueLayer, which is one of Europe’s Open Banking platforms, has announced its collaboration with Spanish broker Ninety Nine in order to provide an enhanced experience leveraging open banking payments.
Ninety Nine was formed with the stated goal to educate consumers on investing and “empower their relationship with their money.”
It provides an easy-to-use and accessible long-term investing platform, “designed for everyone who wants to invest in their own way.”
As noted in an update shared with Crowdfund Insider:
“Like many investing platforms it has seen a huge increase in customer sign ups and, in particular, millennials who are looking to invest in well-known international stocks such as Apple, NVIDIA and Tesla.”
With increasing investor interest and a fast-growing client base, Ninety Nine recognized that existing payment methods like cards were slow, costly to the business, and did “not match the overall user experience of its app.”
It turned to TrueLayer, the platform that reportedly processes over half of all open banking activity in Spain, in order to enhance in-app payments via open banking.
With instant payments delivered by TrueLayer, Ninety Nine’s clients are easily and securely connecting their primary bank account to the trading app and using Payments Initiation. As a result, they are able to fund their investment account “in a matter of seconds, enabling them to make timely investment decisions.”
Open banking payments in Spain “continue to improve with the recent implementation of app2app flows by the major banks, making it faster and easier for customers to authenticate an open banking payment using biometrics such as Face ID or fingerprint.”
TrueLayer claims to be the only open banking provider to “support app2app journeys for all of the Spanish banks.”
Research by YouGov and TrueLayer has “shown that payments influence Spanish investor satisfaction.”
A quarter or 25% of Spanish investors noted that they had “missed out on investment opportunities because funds didn’t appear in their accounts quickly enough, causing them to miss trading cycles.”
The research also revealed that 82% of Spanish investors “agreed that instant transactions would lead them to trust an investment services provider more.”
Notably, 88% of Spanish investors said they were “comfortable with using instant, direct bank transfers that Ninety Nine has implemented via TrueLayer to fund their investments.”
Martin Villaverde, Head of Product at Ninety Nine stated:
“We aim to be the most transparent platform and we put the values and money of our users above all else. That is reflected in how we look to educate our users on how markets operate, what can affect share prices and so on. But it was also clear that the payments side did not match that experience and so we turned to TrueLayer to help us deliver instant payments using open banking. Now our users can fund their account in seconds, which is a much better experience for them.”
Joe Morley, GM Europe at TrueLayer remarked:
“Spain is witnessing the growth of innovative fintech firms that are embracing the benefits of open banking to deliver new digital services to consumers. Nowhere is this more apparent than in the rise of retail platforms and brokers that are offering Spanish consumers a more transparent and fairer way to invest in global stocks. We’re delighted to be working with Ninety Nine as it continues to develop its platform through the implementation of instant, account funding using TrueLayer. With TrueLayer, open banking payments offer the fastest, most secure and user-friendly payment method available.”