TrueLayer Bags Payments Deal with UK Broker ETX Capital

Via TrueLayer’s platform, ETX Capital customers can verify bank account information using biometric methods, and connect to the trading app for funding using Payments Initiation.

Open banking platform TrueLayer has secured a deal with ETX Capital to provide a payments platform to deliver deposits and withdrawals for customers.

London-based ETX Capital is an FCA-regulated broker offering institutional, high net worth and retail customers with multi-asset and multi-market derivative dealing capability through CFDs.

Via TrueLayer’s payments platform, ETX Capital customers can verify bank account information using biometric methods, and connect to the trading app for funding using Payments Initiation.

TrueLayer says its platform is white labelled using the ETX Capital brand and the customer’s chosen bank, rather than a third party brand, which “helps to increase trust and confidence as the trading platform owns the end-to-end payment process within its app”.

Kayleigh Lewis, Chief Operating Officer at ETX Capital, states: “The payments space is continually evolving and we want to offer the most progressive and secure technology to enhance our user experience.”

Nick Tucker, Head of Financial Services at TrueLayer, adds: “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.”

TrueLayer has customers across the UK, Europe and Australia. It was founded in 2016 and the London-headquartered fintech firm has been reeling in some new deals lately.

Last month, it got a new one with Douugh in Australia. Banking app Douugh lets customers autonomously budget, save and invest their money – and will partner with TrueLayer to access open banking data.

Also in February, investment platform Tillit chose TrueLayer for its open banking needs.

In January, the platform announced further expansion of its connectivity in five European countries. TrueLayer added Austria, Belgium, Denmark, Finland and Portugal for open banking data and payment initiation services. It also increased connectivity in existing markets including the Netherlands and Spain, and as a result, added “hundreds of new banks” across a total of 16 European markets.

Prior to that, NatWest made the industry’s first open banking variable recurring payment with the help of TrueLayer.

In September last year, TrueLayer closed a $130 million (£95 million) fundraising round.

That investment gave the fintech firm a post-money valuation of more than $1 billion (£730.9 million) and took it into the realm of unicorns.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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