CMC Markets Opts for TrueLayer for Open Banking

Open Banking provider TrueLayer has been selected by CMC Markets to enhance client payments in the UK and Europe.

CMC Markets is a trading platform with offices around the world and more than 300,000 clients. Users may trade forex, indices, commodities, shares and treasuries through contracts for difference (CFDs).

CMC Markets will use TrueLayer’s open banking platform to enhance its client onboarding and customer payments.

Open banking can improve upon existing processes like enhanced verification returning a result in seconds, rather than days, or by pre-verifying customer’s details, it also simplifies payments setup meaning fewer failed transactions.

Colleen Bohm, Head of Payments at CMC Markets, stated:

“CMC’s focus on delivering an enhanced investor experience led us to examine what role open banking could play in supporting our digital strategy. That included elements such as verifying customers and delivering more efficient payments. It was important for us to choose a trusted and proven partner, which is why we have turned to TrueLayer.”

Nick Tucker, Head of Financial Service at TrueLayer, said it is exciting progressive firms such as CMC Markets embracing open banking:

“We look forward to working with the team at CMC Markets to deliver value to their customers.”

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