Nutmeg adds Open Banking Payments feature

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Source: Nutmeg

Nutmeg has given its clients an Open Banking Payments service which speeds up transferring money into their investment pots. The announcement comes as an industry first for the wealth management space.

The partnership with leading provider of financial APIs, TrueLayer, will offer its customers the opportunity to set up a quicker way to pay with multiple layers of security directly from their mobile device or online banking platform.

The robo-adviser manages more than £2bn in assets under management on behalf of over 80,000 customers.

Nutmeg chief operating officer Matt Gatrell says: “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.

“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.”