TrueLayer, Europe’s leading open banking platform, announces its collaboration with CMC Markets, one of the world’s leading online financial trading businesses. CMC Markets offers an award-winning, online and mobile trading platform, where clients can trade thousands of financial instruments across forex, indices, commodities, shares and treasuries through contracts for difference. As part of its digital strategy and recognising the opportunity to deliver a superior customer experience, CMC Markets has selected TrueLayer to use its open banking platform to enhance its client onboarding and customer payments. Research by YouGov and TrueLayer has shown that payments heavily influence investor satisfaction. Almost two thirds (64%) of current and prospective investors are more likely to trust a provider that offers instant payments. Open banking can deliver more efficient and cost-effective processes for investment platforms such as CMC Markets. That begins with improving the onboarding process through enhanced verification returning a result in seconds, rather than days, compared to manual bank statement checks. By pre-verifying customer’s details, it also simplifies payments setup meaning fewer failed transactions.
TrueLayer will also support an improved experience for CMC Markets customers when funding their investment accounts. 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. Real-time payment confirmation also provides CMC Markets with assurance that every transaction has been authorized and customers have the funds available to trade.