This process takes just seconds and customers’ bank details are never shared with anyone but their bank. They will then be directed to the banks website to login and approve the transfer. When ready to transfer, the app will direct people to TrueLayer’s Open Banking screen to choose the bank to transfer money from. Before confirming and committing to the transfer, the interbank spot rate, any minor fees and complete transaction details will be displayed for customers to review. When making a funding decision on Stake, customers will decide the amount in GBP they want to fund into USD. Having recently brought Stake to the UK, we’re thrilled to be working with another disruptive player in the UK fintech space to enhance Open Banking and help UK investors trade up.”
The highly secure and streamlined transfer process means our users have the total control over their finances they deserve.
We’re all about breaking down barriers between global investors and the US stock market, and Payments Initiations will enable faster transfers without even having to leave the app. Matt Leibowitz, CEO and co-founder of Stake, said: “Partnering with TrueLayer allows us to use its game-changing Payments API to improve the experience for our Stake community, something we’re always looking to do. We’re looking forward to working with Stake’s team to help them to continue to disrupt the brokerage market.” This is exactly the type of innovation envisioned by Open Banking – enhancing financial services to tangibly benefit consumers. It allows them to make faster decisions which are critical for successful investors. By leveraging Payments Initiation, Stake’s customers will benefit from quicker, and crucially, highly secure bank transfers. This enables customers to make more nimble investment decisions.įrancesco Simeoneschi, CEO and co-Founder of TrueLayer, said: “Facilitating financial transactions and payment flows will be the largest use case for Open Banking. It is significant for Stake’s customers because it streamlines the transfer of money to fund investments. Mandated by the EU’s Open Banking-style regulation PSD2, Payments Initiation is a new means of transferring money in a faster, cheaper and more secure way than most other traditional payments methods. Stake is using TrueLayer’s Payments API, which was the first in Europe to enable Payments Initiation. The collaboration, one of the first of its type in the brokerage market, will enable Stake’s UK customers to securely and quickly make transfers from their bank accounts without leaving the Stake app.
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