CMC Markets goes live with TrueLayer for instant payments in UK and Europe

Rick Steves

“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.”

CMC Markets has rolled out TrueLayer Payments in the UK and Europe, bringing fast, frictionless, and secure open banking payments to customers of the online trading platform.

With TrueLayer, investors are now able to quickly access and trade with funds deposited into their CMC Markets accounts in order to access the brokerage firm’s services, including access to spread bets and trade contracts for difference (CFDs) through financial foreign exchange, commodities, indices, cryptocurrencies and more.

The open banking solution further reduces friction and the risk of fraud by instantly pre-populating customer details and featuring strong customer authentication (SCA).

CMC Markets users in UK and Europe can use Instant SEPA

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.”

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.”

The lack of instant payments can be a deal breaker for clients of online trading platforms. 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.

CMC Markets reported 15-20% volume drop in Q2

Last week, CMC Markets warned of subdued financial markets and lower trading volumes in the first quarter of its fiscal year 2024. The listed broker joins other UK platforms complaining of a slowdown in market activity, which has compounded the effect of the regulatory crackdown.

The online broker issued a trading update for the first quarter of the financial year 2024, covering the period from 1 April to 30 June 2023. As anticipated, the first quarter saw quiet market conditions, leading to a 15-20% year-on-year decline in client trading and investing activity.

Despite these conditions persisting into the beginning of Q2, the impact on client activity was mitigated by stronger interest income. Therefore, the overall net operating income remains on a similar trajectory as the same period last year. The company also assured investors that its key performance indicators, such as client money, assets under management, and active clients in both trading and investing businesses, continue to show resilience.

Read this next

Digital Assets

Swiss regulator shuts down CoinShares’ partially-owned FlowBank

Switzerland’s financial regulator, FINMA, has closed FlowBank SA and placed it into bankruptcy due to severe breaches of capital requirements and other supervisory laws. This follows a series of enforcement actions against the bank that began in October 2021.

blockdag

Presale Power Players: 5 Crypto Presales Primed for Success in 2024 According to Experts

Unlock the potential of the best presale cryptos available now. See why experts recommend BlockDAG, Bitbot, eTukTuk, 99Bitcoins Token, and ButtChain.

Executive Moves

Paxos axes 65 jobs, cuts headcount to below 300

Stablecoin issuer Paxos has laid off 65 employees, equating to 20% of its staff, despite maintaining a robust financial standing.

Institutional FX

US sanctions trigger major shifts in Russian FX market, says Sergey Romanchuk

The U.S. sanctions imposed on June 12 against the Moscow Exchange and its clearing entity, the National Clearing Center (NCC), are set to cause massive disruptions in the Russian currency market, according to FX industry veteran Sergey Romanchuk.

blockdag

BlockDAG’s X1 Miner App Beta Sparks $49.2M Presale Rise; Uniswap & XRP Whales Getting Involved?

Experience BlockDAG’s meteoric 1120% presale rise, Uniswap’s UNI climbing 18%, and Ripple’s XRP anticipating ETF approval. Explore their latest breakthroughs!

Market News, Tech and Fundamental, Technical Analysis

GBPUSD Technical Analysis Report 13 June, 2024

GBPUSD currency pair can be expected to fall further toward the next support level 1.2700, which has been reversing the price from last month.

Institutional FX

U.S. sanctions halt dollar and euro trading on Moscow Exchange

New U.S. sanctions against Russia have led to the immediate suspension of trading in dollars and euros on the Moscow Exchange (MOEX), the country’s largest exchange group.

Digital Assets

MicroStrategy raises $500M to buy more Bitcoin, now holds 214,400 BTC

MicroStrategy, the largest corporate investor in bitcoin, plans to raise $500 million through a convertible senior note offering, with an option for an additional $75 million.

Crypto Insider

7 Best Upcoming New Crypto Coins : From  World of Virtual and Augmented Reality

In 2024, all new buyers want to know about the best upcoming new crypto coins. For those who have invested before, you know that there are often “hidden gems” that can give you huge returns on your money.

<