ETX Capital deploys TrueLayer for instant deposits and withdrawals
“It’s exciting to see progressive firms such as ETX Capital embracing open banking and, with TrueLayer, deliver a more compelling customer experience with the combined benefit of instant deposits and withdrawals.”
ETX Capital, an FCA-regulated broker providing institutional, high net worth and retail customers with multi-asset and multi-market derivative dealing capability through CFDs, has deployed TrueLayer’s payments platform to deliver instant deposits and withdrawals for customers.
The partnership will allow ETX Capital customers to verify bank account information using biometric methods, connect to the trading app for instant and secure funding, and make the withdrawal process for ETX Capital customers more efficient.
Cards and bank transfers can take anywhere from a few days to a few hours, but TrueLayer’s platform ensures instant withdrawals, direct to the customer’s bank account.
Instant deposits and withdrawals
The white label solution uses the ETX Capital brand and the customer’s chosen bank, rather than a third party brand, which is critical to build trust and confidence.
Kayleigh Lewis, Chief Operating Officer at ETX Capital, said: “Open banking provides vast opportunities for us to continue to develop exceptional client experiences at ETX, we are excited to be working with TrueLayer to provide clients with instant access to their money and the financial markets by offering instant payments into and out of their trading accounts.
“The payments space is continually evolving and we want to offer the most progressive and secure technology to enhance our user experience. Clients are at the centre of everything we do at ETX and we will continue to work with partners like TrueLayer to revolutionise the products and services we offer.
Nick Tucker, Head of Financial Services at TrueLayer, added: “With open banking, payments now present an opportunity for firms to differentiate and drive customer loyalty. Providers that don’t offer instant deposits and withdrawals are missing out on an opportunity to develop a deeper and more positive relationship with their customers. It’s exciting to see progressive firms such as ETX Capital embracing open banking and, with TrueLayer, deliver a more compelling customer experience with the combined benefit of instant deposits and withdrawals.”
According to research by YouGov and TrueLayer, almost two thirds (64%) of current and prospective investors are more likely to trust a provider that offers instant payments. Almost half of current investors (46%) said they were likely to switch providers if that service also offered instant withdrawals.