TrueLayer and WealthOS bring open banking to wealth management


Open banking provider TrueLayer has partnered with SaaS platform WealthOS in a bid to bring instant bank payments to the account funding process. 

In the wealth management space, account funding through card payments is generally associated with higher value transactions, making them more likely to be flagged by banks, potentially delaying them or even going as far as rejecting them. 

Nick Tucker, Head of Financial Services at TrueLayer, commented: “Fast and secure account funding is an essential element of a great wealth management service. 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? 

“That’s why we’re excited by the possibilities that partnering with WealthOS will deliver by embedding our instant, secure payments into their platform and supporting wealth managers to deliver a truly digital experience.”

Through the collaboration, WealthOS corporate clients can now embed TrueLayer’s account-to-account payments infrastructure directly into their wealth products without having to code anything. 

For customers, the integration means that they can initiate TrueLayer-powered payments directly from their wealth app by selecting the relative ‘instant bank transfer’ option and authenticating the payment.

Anton Padmasiri, Co-Founder and CEO of WealthOS, further explained the goal of the partnership, adding: “Customer experience is the battleground upon which many wealth management firms are fighting to gain users. 

“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. 

“We are thrilled to be able to bring secure, seamless account funding to wealth management products through our partnership with TrueLayer.”