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WealthOS partners with TrueLayer to bring open banking to wealth management

Wealth managers can now implement TrueLayer payments for customers through WealthOS, no coding required.

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Anton Padmasiri & Nick Tucker/WealthOS & TrueLayer.

Open banking platform TrueLayer is partnering with SaaS platform WealthOS to bring in-app payments to the account funding process with the help of open banking.

WealthOS, which accelerates digital adoption and innovation for wealth managers, will now benefit from improved speed, customer experience and security, all at a lower operational cost, it says.

The company will embed TrueLayer’s “instant, secure” account-to-account payments within the funding journeys of their digital wealth products, meaning no more hopping between screens and devices to complete payments.

Clients will be able to access the account funding capability seamlessly and without code as it falls under WealthOS’ “no code integrations marketplace”.

“Customer experience is the battleground upon which many wealth management firms are fighting to gain users,” WealthOS co-founder and CEO Anton Padmasiri said.

“To capture the significant generational transfer of wealth and expansion of the industry over coming years, wealth managers need to be able to compete with seamless financial experiences that consumers have elsewhere in their lives.” 

With higher value transactions in wealth management, account funding with card payments can be ineffective, with the possibility of being flagged by banks, resulting in delays and rejected payments.

In addition to now providing a better customer experience with smoother deposits, TrueLayer will provide lower processing fees compared to other deposit methods and real-time payment confirmation and settlement.

“Fast and secure account funding is an essential element of a great wealth management service,” TrueLayer head of financial services Nick Tucker said.

“Customers are used to these experiences in their everyday lives, so why should the management of their money and long-term investing be any different?”

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