NAGA , a social trading platform, has implemented TrueLayer ’s platform to improve the customer onboarding experience and provide closed loop payments. The service will be initially implemented in Germany, Spain, Ireland, Finland, France, Lithuania, and the Netherlands.

NAGA’s customers will benefit from improved account funding through TrueLayer Payments. Instant – secure account-to-account payments remove the need to enter any card or bank account details. Using biometrics to authenticate identity and confirm the payment, they remove the risk of human error.

As a result, NAGA bypasses card networks and their interchange fees, and safeguards itself as payments are authenticated directly with the bank, making them SCA compliant and reducing the opportunity for card-based fraud. The rollout of instant withdrawals and customer verification will also be announced soon. For withdrawals, customers would previously have to wait at least a day, often longer in the case of cards, to receive their funds.

With payments powered by TrueLayer, withdrawals will soon be sent to the same bank account used for deposits in just a few seconds. The rollout in Spain Open Banking payments in Spain continue to improve with the implementation of app2app flows by the major banks, making it faster and easier for customers to authenticate an Open Banking payment using biometrics such as Face ID or fingerprint. The collaboration will also deliver more efficient and cost-effective processes, including customer onboarding.

TrueLayer Verification will match the name of the customer with the name on file at the bank, returning a result in seconds rather than days compared to manual bank statement checks. Research by YouGov and TrueLayer has shown that payments influence Spanish investor satisfaction. A quarter of Spanish investors said they had missed out on investment opportunities because funds didn’t appear in their accounts quickly enough, causing them to miss trading cycles.

The research also revealed that 82% of Spanish investors agreed that instant transactions would lead them to trust an investment services provider more. Crucially, 88% of Spanish investors said they were comfortable with using instant bank transfers. What is a social trading platform? NAGA is a community-focused trading platform that differentiates itself through an integrated social network.

It offers an easy-to-use and accessible investing platform, building an engaged community of traders who promote their investments, share their strategies, and drive millions of transactions on the platform. Social trading is a form of dealing that enables traders or investors to copy and execute the strategies of their peers or more experienced traders. While most traders perform their own fundamental and technical analysis, there is a class of traders that prefer to observe and replicate the analysis of others.

Some traders might want to use a fully integrated social trading platform, which facilitates the complete sharing of trading strategies using a ‘copy trading’ or ‘mirror trading’ feature. As with a social networking platform, a social trader could choose to ‘subscribe’ to another trader’s channel, whose positions would be broadcast on a live feed, with the option to copy their deals. To find out more about TrueLayer, check their profile on our company database.

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