TrueLayer collaborated with WealthOS to introduce the benefits of instant bank payments in the wealth management. The bank payments offer better customer experience as they are powered by improved speed and security.
Nick Tucker, Head of Financial Services, TrueLayer, stated, “Fast and secure account funding is an essential element of a great wealth management service. Customers are used to these experiences in their everyday lives, so why should the management of their money and long-term investing be any different? That’s why we’re excited by the possibilities that partnering with WealthOS will deliver by embedding our instant, secure payments into their platform and supporting wealth managers to deliver a truly digital experience.”
Users of WealthOS can integrate instant, secure, account-to-account payments of TrueLayer into the funding processes of their digital wealth products. This collaboration has taken place to enable customers of WealthOS to access account funding capability with no code integrations. TrueLayer’s payment capabilities allow consumers to make payments without using the wealth app. Instead of this, clients can choose the ‘Instant bank transfer’ option given at the top of the payment screen and authenticate payment confirmation.
Funding accounts with card payments may get delayed as larger value transactions in wealth management may be addressed by banks, and thus they keep delaying it, rejecting payments, and dissatisfying consumers. This may cause consumers to miss the latest market opportunities or get tax allowances at the end of the financial year. Online bank transfer is another medium for account funding but asks the consumer to leave a wealth app. Consumers need to sign into their banking portal, and processing the payment often gives a frustrating experience.
TrueLayer’s payments offer variety of advantages for account operation, such as enhancing the consumer experience through easier deposits. In addition to real-time payment confirmation and settlement, which gives wealth managers the confidence that every transaction has been authorized and received into their customers’ accounts, this also includes lower processing fees when compared to alternative deposit options.
Anton Padmasiri, Co-Founder/CEO, WealthOS, commented, “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 the coming years, wealth managers need to be able to compete with seamless financial experiences that consumers have elsewhere in their lives. We are thrilled to be able to bring secure, seamless account funding to wealth management products through our partnership with TrueLayer.”