TrueLayer’s Open Banking delivers closed-loop payments to CMC Markets

TrueLayer has announced that global trading platform CMC Markets has now integrated using its closed-loop payments product. 

CMC Markets taps into TrueLayer’s Open Banking technology to help deliver its users in the UK and Europe a “smooth, secure and fast payments” experience. 

CMC Markets enables customers to spread bets and trade contracts for difference (CFDs) through financial foreign exchange, commodities, indices, cryptocurrencies and more, to more than 300,000 clients.

Colleen Bohm, Head of Payments at CMC Markets, said: “Our clients value an interactive payment method and one which can deliver near real-time payments. Open Banking delivers this for CMC in the UK market and in Europe where clients can use Instant SEPA. 

“We’re excited to work with TrueLayer and look forward to working with them as they expand geographically”.

The partnership with TrueLayer allows CMC Markets to offer a faster payments experience with funds deposited into their CMC Markets accounts. With TrueLayer payments, customer details are also instantly pre-populated and have strong customer authentication (SCA) built in, further reducing friction and the risk of fraud.

Investors increasingly prioritise fast, frictionless payments experiences such as those offered by open banking technology, according to a survey conducted by TrueLayer and YouGov.  

Surveying over 3,000 users of online wealth management services across Europe, it revealed that slow deposits have also caused nearly a quarter (24%) to miss out on investment opportunities, while two in three current or prospective investors (64%) would be more likely to trust a provider that offers instant payments. 

Mariko Beising, VP of Financial Services & Partnerships at TrueLayer, added: “Speed has never been more important for customers paying into a trading account: delays or clunky payment methods can lead to investment opportunities being missed and customers using rival services. 

“Open banking payments make deposits faster and smoother, while maintaining rigorous security standards. We’re excited to work with CMC Markets to bring these advantages to their customers.”