Home Finance TrueLayer and WealthOS partner to bring in-app payments to wealth management products
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

TrueLayer and WealthOS partner to bring in-app payments to wealth management products

by uma

 

 

  • Wealth Managers can now implement TrueLayer Payments for customers without any additional coding when using WealthOS to build their products.

TrueLayer, Europe’s leading open banking platform, today announces its partnership with WealthOS, the innovative SaaS platform that accelerates digital adoption and innovation for wealth managers. Together we are bringing the benefits of instant bank payments –  improved speed, customer experience and security, at a lower operational cost – to the account funding process.

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.

With this collaboration, 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, as 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.”

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.”

 

You may also like