TrueLayer, Europe’s leading open banking platform, and digital investment platform HeyTrade have teamed up to deliver a new investment experience to the Spanish investors using open banking payments.
HeyTrade is a new full-fledged next gen investment platform aiming to provide all investors true access to global markets. Through an easy-to-use app and open banking integrations, investors can trade over 700 US, European, and UK stocks and exchange traded funds, with additional markets and securities coming soon.
Using TrueLayer’s platform, HeyTrade’s customers can easily connect their primary bank account to the trading app for instant and secure funding using Payments Initiation. This dramatically improved process means HeyTrade’s clients can fund their account with confidence and make timely investment decisions.
Research by YouGov and TrueLayer has shown that payments directly 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 per cent of Spanish investors agreed that instant transactions would lead them to trust an investment services provider more. Crucially, 88 per cent of Spanish investors said they were comfortable with using instant, direct bank transfers that HeyTrade has implemented via TrueLayer to fund their investments.
As new customers turn to online trading and investing, providers will likely have to fight harder for loyalty, particularly for digital natives who have higher expectations of a frictionless user experience and no qualms about moving to a better provider.
“HeyTrade aims to facilitate investment through technology and there is no one better than TrueLayer to help us achieve this goal. Thanks to this alliance, HeyTrade will be able to offer investors all the facilities of real open banking,” says Ramiro Martínez-Pardo, CEO and co-founder of HeyTrade. “Our users will be able to open an account in under five minutes and start trading right away.”
“As an increasing number of Spanish retail customers look for ways to invest, they have high expectations for how these platforms should work. Providers that don’t offer instant deposits are missing out on an opportunity to develop a deeper and more positive relationship with their customers,” says Francesco Simoneschi, CEO and co-founder of TrueLayer. “That is why we’re proud to be working with HeyTrade to bring a new investor experience to Spanish market, supporting its customers by offering faster, more secure transfers. This also marks another milestone for us as we continue to expand in Europe and we look forward to supporting HeyTrade on its growth journey.”