Nutmeg has partnered TrueLayer to offer Open Banking payments.
The tie up, which is the first instance of a digital wealth manager using Open Banking Application Programming Interfaces (APIs), will enable customers to choose Faster Payments directly from their bank or building society.
Nutmeg, which says that bank transfers currently account for a small proportion of payments, will now use TrueLayer’s financial APIs to give customers the chance to set up payments from their mobile or online banking.
Open Banking allows vendors, like Nutmeg, to pass payment details to the user’s bank via a third-party payment initiator. This only requires the user to log in to their banking app or online banking and confirm the payment to their Nutmeg account.
Matt Gatrell, chief operating officer at Nutmeg, said: “The payments industry is still dominated by card payments, but bank transfers are the best and fastest way to get money into a Nutmeg account and therefore into the market - however, these transfers have previously had an undesirable user experience.
“With this in mind, Nutmeg has worked with TrueLayer to launch Open Banking payments for customers – reducing a lengthy user process to just a couple of taps.”
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