European Social Trading Platform NAGA Introduces Instant Payments with TrueLayer

  • Payments
  • 22.11.2022 12:55 pm

TrueLayer, Europe’s leading open banking platform, today announced that social trading platform NAGA has implemented its platform to enhance the customer onboarding experience and provide closed-loop payments, initially in Germany, Spain, Ireland, Finland, France, Lithuania and the Netherlands.

NAGA is a community-focused trading platform that differentiates itself through an integrated social network. It offers an easy-to-use and accessible investing platform, building a highly engaged community of traders who promote their investments, share their strategies, and drive millions of transactions on the platform.

NAGA’s customers will benefit from improved account funding through TrueLayer Payments. Instant, secure account-to-account payments remove the need to enter any card or bank account details. Using biometrics to authenticate identity and confirm the payment, they remove the risk of human error. As a result, NAGA bypasses card networks and their interchange fees, and safeguards itself as payments are authenticated directly with the bank, making them SCA-compliant and reducing the opportunity for card-based fraud.

The rollout of instant withdrawals and customer verification will also be announced soon. For withdrawals, customers would previously have to wait at least a day, often longer in the case of cards, to receive their funds. With payments powered by TrueLayer, withdrawals will soon be sent to the same bank account used for deposits in just a few seconds.

The collaboration will also deliver more efficient and cost-effective processes, including customer onboarding. TrueLayer Verification 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.

Open banking payments in Spain continue to improve with the implementation of app2app flows by the major banks, making it faster and easier for customers to authenticate an open banking payment using biometrics such as Face ID or fingerprint.

Research by YouGov and TrueLayer has shown that payments influence Spanish investor satisfaction. A quarter of Spanish investors said they had missed out on investment opportunities because funds didn’t appear in their accounts quickly enough, causing them to miss trading cycles. 

The research also revealed that 82% of Spanish investors agreed that instant transactions would lead them to trust an investment services provider more. Crucially, 88% of Spanish investors said they were comfortable with using instant bank transfers.

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

Nick Tucker, Head of Financial Services at TrueLayer, added: “Europe is witnessing the growth of fintech firms powered by open banking to deliver much-needed digital services to consumers. This partnership will enable NAGA to enhance the investor experience through smoother and more customer-friendly onboarding and payments. With TrueLayer, open banking payments offer the fastest, most secure and user-friendly payment method available to investors in Europe.”

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