Wealth management FinTech Nutmeg now offers Open Banking payment options.
In Brief:
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This allows customers to choose faster payments from their bank account.
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It has partnered with TrueLayer which provides APIs.
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Nutmeg will be able to pass payment details to the user’s bank so they only need to confirm the payment.
What does this mean?
Nutmeg has become the first wealth manager in the UK to introduce payment initiation via Open Banking. It says that while card payments remain popular in the industry, offering bank transfers is a faster solution.
