Open banking platform TrueLayer has secured a deal with SaaS platform WealthOS in London.
According to fintech unicorn TrueLayer, the higher value transactions in wealth management make account funding with card payments “ineffective” as they can be flagged by banks, resulting in delays or rejected payments.
As a result, customers could miss deadlines such as end-of-tax-year allowances. Online bank transfers offer another method to fund accounts, but the firm reckons they require customers to leave a wealth app, sign in to their banking portal and carry out the transfer.
Anton Padmasiri, Co-Founder and CEO of WealthOS, explains: “Customer experience is the battleground upon which many wealth management firms are fighting to gain users. To capture the significant generational transfer of wealth and expansion of the industry over coming years, wealth managers need to be able to compete with seamless financial experiences that consumers have elsewhere in their lives.”
Via the deal, WealthOS clients can embed TrueLayer’s account-to-account payments within the funding process of their digital wealth products. This forms part of WealthOS’ no code integrations marketplace, meaning its clients can access this account funding capability without having to write code.
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Payments powered by TrueLayer also mean customers don’t need to leave the wealth app to make payments.
WealthOS is a cloud native, modularised operating system SaaS for digital wealth management products. The wealthtech firm was founded in 2019 and operates across the UK and Sri Lanka.
According to its website, the WealthOS Platform and the WealthOS API are in private beta mode.
TrueLayer has customers across the UK, Europe and Australia. It was founded in 2016, and works with consumers and businesses.
Last month TrueLayer revealed it will help credit firm Tymit with bank payments for its Credit and Booster customers.
Other deals for TrueLayer include wealth management app Chip, Watches of Mayfair, financial app Curve, CMC Markets, Thunes, digital bank Zopa, The Credit Thing, Monoova in Australia, Lemonade Finance, MogoPlus, Douugh, ETX Capital in London and investment platform Tillit.