TrueLayer, a leading provider of financial APIs, has announced it has integrated with online brokerage app, Stake.
The collaboration, one of the first of its type in the brokerage market, will enable Stake’s UK customers to securely and quickly make transfers from their bank accounts without leaving the Stake app.
Stake is using TrueLayer’s Payments API, which was the first in Europe to enable Payments Initiation. Mandated by the EU’s Open Banking-style regulation PSD2, Payments Initiation is a new means of transferring money in a faster, cheaper and more secure way than most other traditional payments methods.
It is significant for Stake’s customers because it streamlines the transfer of money to fund investments. This enables customers to make more nimble investment decisions.
Francesco Simeoneschi, CEO and co-Founder of TrueLayer, said: “Facilitating financial transactions and payment flows will be the largest use case for Open Banking. By leveraging Payments Initiation, Stake’s customers will benefit from quicker, and crucially, highly secure bank transfers. It allows them to make faster decisions which are critical for successful investors. This is exactly the type of innovation envisioned by Open Banking - enhancing financial services to tangibly benefit consumers. We’re looking forward to working with Stake’s team to help them to continue to disrupt the brokerage market.”
Matt Leibowitz, CEO and co-founder of Stake, said: “Partnering with TrueLayer allows us to use its game-changing Payments API to improve the experience for our Stake community, something we’re always looking to do. We’re all about breaking down barriers between global investors and the US stock market, and Payments Initiations will enable faster transfers without even having to leave the app. The highly secure and streamlined transfer process means our users have the total control over their finances they deserve. Having recently brought Stake to the UK, we’re thrilled to be working with another disruptive player in the UK fintech space to enhance Open Banking and help UK investors trade up.”
When making a funding decision on Stake, customers will decide the amount in GBP they want to fund into USD. Before confirming and committing to the transfer, the interbank spot rate, any minor fees and complete transaction details will be displayed for customers to review. When ready to transfer, the app will direct people to TrueLayer’s Open Banking screen to choose the bank to transfer money from. They will then be directed to the banks website to login and approve the transfer. This process takes just seconds and customers’ bank details are never shared with anyone but their bank.