Ninety Nine announces instant payments for its Spanish brokerage
“We aim to be the most transparent platform and we put the values and money of our users above all else.”
Ninety Nine has partnered with TrueLayer to improve the investor experience using open banking payments.
The Spanish broker expects the collaboration to result in an empowered client base by offering them access to instant payments.
The brokerage firm is mostly focused on long-term investing for its retail clients and has seen a huge increase in customer sign ups, especially since the pandemic hit the world in early 2020.
Brokers moving to open banking for deposits and withdrawals
The extraordinary circumstances were a wake up call for retail investors, who decided to register with online trading platforms to gain access to all kinds of instruments, but equities and crypto enjoyed greater volatility.
Ninety Nine provides retail investors with access to international stocks such as Apple, NVIDIA and Tesla. The problem has been with deposits and withdrawals, which have frustrated the broker and its customers.
Existing payment methods such as cards were slow, costly to the business, and did not match the overall user experience of its app.
This led the broker to turn to TrueLayer, a platform that processes more than half of all open banking traffic in Spain, to improve in-app payments using open banking.
Martin Villaverde, Head of Product at Ninety Nine commented: “We aim to be the most transparent platform and we put the values and money of our users above all else. That is reflected in how we look to educate our users on how markets operate, what can affect share prices and so on. But it was also clear that the payments side did not match that experience and so we turned to TrueLayer to help us deliver instant payments using open banking. Now our users can fund their account in seconds, which is a much better experience for them.”
TrueLayer supports biometric authentication via app2app
Instant payments powered by TruLayer securely connect customers’ primary bank account to the trading app and fund their investment account in a matter of seconds.
The partnership also ensures security with the onboarding process with clients as TrueLayer supports app2app, which helps customers authenticate using biometrics such as Face ID or fingerprint.
Joe Morley, GM Europe at TrueLayer added: “Spain is witnessing the growth of innovative fintech firms that are embracing the benefits of open banking to deliver new digital services to consumers. Nowhere is this more apparent than in the rise of retail platforms and brokers that are offering Spanish consumers a more transparent and fairer way to invest in global stocks. We’re delighted to be working with Ninety Nine as it continues to develop its platform through the implementation of instant, account funding using TrueLayer. With TrueLayer, open banking payments offer the fastest, most secure and user-friendly payment method available.”
Research by YouGov and TrueLayer has shown that 82% of Spanish investors agreed that instant transactions would lead them to trust an investment services provider more.
88% of Spanish investors said they were comfortable with using instant, direct bank transfers that Ninety Nine has implemented via TrueLayer to fund their investments.