TrueLayer, Europe’s leading open banking platform, today announces that global trading platform CMC Markets is live using its closed-loop payments product.
CMC Markets users in the UK and Europe can now benefit from smooth, secure and fast payments using TrueLayer’s open banking technology compared to traditional methods such as debit, credit cards or manual bank transfer.
With its award-winning* online and mobile platforms, CMC Markets lets customers spread bets and trade contracts for difference (CFDs) through financial foreign exchange, commodities, indices, cryptocurrencies and more. A leader in online financial trading since 1989, it serves more than 300,000 clients worldwide.
The partnership with TrueLayer allows CMC Markets to offer its customers a faster, smoother account-to-account payment experience, meaning they are now able to leverage a faster payments experience with funds deposited into their CMC Markets accounts. With TrueLayer payments, customer details are also instantly pre-populated and have strong customer authentication (SCA) built in, further reducing friction and the risk of fraud.
Investors increasingly prioritise fast, frictionless payments experiences such as those offered by open banking technology. A survey of over 3,000 current and prospective users of online wealth management services across Europe conducted by TrueLayer and YouGov has revealed that slow deposits have also caused nearly a quarter (24%) of those surveyed to miss out on investment opportunities, while two in three current or prospective investors (64%) would be more likely to trust a provider that offers instant payments.
Commenting, Colleen Bohm, Head of Payments at CMC Markets said: “Our clients value an interactive payment method and one which can deliver near real-time payments. Open Banking delivers this for CMC in the UK market and in Europe where clients can use Instant SEPA. We’re excited to work with TrueLayer and look forward to working with them as they expand geographically”.
Commenting, Mariko Beising, VP of Financial Services & Partnerships at TrueLayer said: “Speed has never been more important for customers paying into a trading account: delays or clunky payment methods can lead to investment opportunities being missed and customers using rival services. Open banking payments make deposits faster and smoother, while maintaining rigorous security standards. We’re excited to work with CMC Markets to bring these advantages to their customers.”