Together, the two companies seek to bring 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 can 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 toggling back-and-forth between screens and devices, the official press release states.
Following this collaboration, WealthOS clients can embed TrueLayer’s instant, secure account-to-account payments within the funding journeys of their digital wealth products. The collaboration reportedly is part of WealthOS’ no-code integrations marketplace, meaning WealthOS clients can access this account funding capability without writing a single line of code. Payments powered by TrueLayer supposedly 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 reportedly smoother deposits, payments with TrueLayer provide other 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, the official press release states.
According to the Co-founder/CEO of WealthOS, ‘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 the coming years, wealth managers need to be able to compete with improved financial experiences that consumers have elsewhere in their lives’.
The Head of Financial Services at TrueLayer commented that ‘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?’
TrueLayer is a global Open Banking platform that allows users to reportedly build better financial experiences. Founded in 2016, TrueLayer is used by diverse businesses from the UK, Europe, and Australia to power their payments, access financial data, and onboard customers across.
WealthOS is a cloud-native, modularised operating system SaaS for digital wealth management products. Founded in 2019 and currently available in the UK, WealthOS helps wealth managers to achieve digital transformation.
Recently, TrueLayer has announced the availability of TrueLayer Payments for WooCommerce plugin, enabling ecommerce SMBs to add instant, secure account-to-account payments to their website.
TrueLayer has contributed to The Paypers’ Open Banking Report 2021. First, Matt Parish from TrueLayer discussed Variable Recurring Payments (VRP) and hopes for the future when it comes to VRPs and Sweeping. Second, TrueLayer’s Jack Wilson explained how two major trends in retail payments have created an opportunity for more Open Banking payments in ecommerce.
To find out more about TrueLayer, please visit our company database.
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