Nutmeg rolls out Open Banking payments with TrueLayer’s help

Nutmeg claims to be the first wealth manager in the UK to launch open banking payments, letting its users quickly initiate a bank transfer through Nutmeg’s app.

Customers pick how much they’re looking to transfer into Nutmeg from its app, these details are then passed through APIs to the bank, where the customer just has to log in to confirm the payment.

The feature was built with the help of TrueLayer, and cuts what used to be a painful process of setting up a bank transfer to just a simple login.

“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,” said Nutmeg’s chief operating officer Matt Gatrell.

“But banking is becoming more user-centric, with solving real user problems at the heart of fintech roadmaps. 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.”

Over the last month TrueLayer has been on a roll, with its technology powering Revolut’s launch of open banking in both France as well as Ireland.

In June AltFi exclusively revealed that TrueLayer had struck a deal with the UK’s Crown Commercial Service, part of the Cabinet Office, to add its services to a list of approved providers for public sector organisation, opening up the fintech’s potential client list to a whole host of government entities.

TrueLayer CEO Francesco Simoneschi said the Nutmeg deal: “is showcasing yet another innovative application of Payment Initiation - the killer use case for Open Banking. Simplifying and speeding up processes such as payments makes a tangible difference to consumers. It helps them to have much more control and choice with their finances. This is a fundamental goal of Open Banking and another step forward in its wider adoption.”