Tiger Brokers has integrated TrueLayer’s ‘Signup+’

29 Jan 2024

Online trading platform Tiger Brokers UK has chosen European Open Banking payments network TrueLayer to streamline the customer onboarding and funding process via Open Banking.

Tiger Brokers has integrated TrueLayer’s ‘Signup+’ feature, so that its users can select the ‘Express’ option when creating a contract for difference, or CFD, account to speed up onboarding.

When a user selects their bank, their identity data will automatically populate in the form, eliminating the need for manual data entry of personal and bank details, provided that all other Know Your Customer (KYC) requirements have been met.

Mark Goater, director at Tiger Brokers UK, said: “Finding the perfect balance between compliance and user-friendliness in the onboarding process for brokers is a significant challenge. Thanks to TrueLayer, we’ve successfully streamlined this experience.

“Now, Tiger Brokers’ UK clients can enjoy a more efficient onboarding and deposit process, significantly reducing the time and effort required.”

According to a survey conducted by TrueLayer and YouGov, 63% of financial services customers in the UK are only willing to spend 10 minutes creating an account before abandoning the process.

Mariko Beising, vice president, financial services and partnerships at TrueLayer, emphasised the importance of a seamless onboarding process in a customer-centric landscape.

“Now more than ever, users aren’t willing to suffer through a slow and cumbersome signup process,” Beising said.

“We’re thrilled to partner with Tiger Brokers to help make onboarding faster and simpler with Signup+, so that their users can get started on the platform as quickly as possible.”

Earlier this month, TrueLayer became the first company to join the SEPA Payment Account Access Scheme (SPAA), led by the European Payments Council.

Under SPAA, European banks will be able to develop and offer premium Open Banking APIs and receive remuneration for access to these APIs.