NAGA partners TrueLayer for Open Banking services

NAGA, the social trading platform, has implemented TrueLayer’s Open Banking platform as part of plans to improve its customer onboarding experience and provide closed loop payments.

NAGA’s platform features a community element where traders are encouraged to promote their investments and share their strategies with other users.

TrueLayer’s platform will initially be implemented for NAGA customers in Germany, Spain, Ireland, Finland, France, Lithuania and the Netherlands.

By implementing TrueLayer, NAGA said its customers will benefit from improved account funding, near-instant withdrawals, and secure account-to-account payments which remove the need to enter any card or bank account details.

The verification process will match the name of the customer with the name on file at the bank, returning a result in seconds rather than days compared to manual bank statement checks, said the partnership.

“We’re building a community-focused trading platform to make investing accessible, approachable and social,” said Marianna Agathokleous, head of payments at NAGA. “That means removing barriers and providing excellent onboarding and payments experiences to our clients.”

She added: “We’re excited to be working with TrueLayer to get both new and existing customers onto the platform and enable them to fund their account in seconds.”

The move comes a day after the Financial Conduct Authority called on trading apps to reconsider game-like design features, which the regulator says pushes consumers to invest in products they wouldn’t usually.

The UK financial watchdog warned that while gamification can engage consumers, it is being used in ways that can mislead consumers and drive problem behaviours.

    Share Story:

Recent Stories

Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.