Wealth manager Nutmeg launches Open Banking payments

Nutmeg has become the first wealth manager in the UK to offer Open Banking payments, giving customers the option to choose faster payments directly from their bank or building society.  
 
The digital wealth manager has partnered with financial API provider, TrueLayer, to allow customers a quicker way to pay with multiple layers of security – by setting up payments from their mobile or online banking.  
 
Open Banking payments use banks’ APIs to initiate a transfer from one account to another, and the technology allows vendors, like Nutmeg, to pass payment details to the user’s bank via a third-party payment initiator.
  
“The payments industry is still dominated by card payments, but bank transfers are the best and fastest way to get money into a Nutmeg account and therefore into the market,” Nutmeg chief operating officer, Matt Gatrell, commented. “However, these transfers have previously had an undesirable user experience.

“But banking is becoming more user-centric, with solving real user problems at the heart of fintech roadmaps. With this in mind, Nutmeg has worked with TrueLayer to launch Open Banking payments for customers – reducing a lengthy user process to just a couple of taps.”  
 
The integration of TrueLayer’s payment API has made Nutmeg the first wealth manager in the UK to offer customers the ability to use Open Banking payments to contribute to their investments. Customers using Open Banking payments to top up their investments will see the money invested in the market quicker.
 
TrueLayer CEO and co-founder, Francesco Simoneschi, added: “Nutmeg is showcasing yet another innovative application of Payment Initiation – the killer use case for Open Banking.

“Simplifying and speeding up processes such as payments makes a tangible difference to consumers. It helps them to have much more control and choice with their finances. This is a fundamental goal of Open Banking and another step forward in its wider adoption.” 

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