CMC Markets adds open banking to its funding options

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CMC Markets has introduced open banking payments in partnership with TrueLayer, a well-established FCA-regulated open banking services provider as an option for clients to deposit funds on account. By using open banking payments clients can quickly transfer funds without needing to remember passwords and bank account details instead they can simply use biometric data like fingerprints or face scans.

Open banking is not just an alternative payments channel it’s also a data-driven initiative that will allow information about spending habits and more to be securely shared with third parties, which in turn will allow them to offer personalised products and services to consumers and businesses.

Quicker Deposits

Open banking transfers can be completed very quickly, Assuming your bank uses the “faster payments network “ and that your transaction passes CMC Markets internal checks, then funds can be transferred in near real-time.

Though the broker does point out that initial transfers made using open-banking payments may take a little longer to process.

Open banking transfers are available to UK customers and to CMC Markets clients from Germany, the Netherlands, France, Spain, Ireland and Lithuania and CMC is working with True Layer to extend this list to other jurisdictions.

CMC Markets clients will find the open banking option by selecting the funding tab on their trading platform and choosing “add funds” and then “online banking”.

The Rise Of Open Banking Deposits

CMC Markets are not the only brokerage to offer Open Banking D2C wealth management and investment platforms AJ Bell and Hargreaves Lansdown also offer the facility the latter within their online savings business.

As the use of open banking becomes more widespread the ecosystem of products and services that are made available to consumers and investors should expand dramatically. The only question is how willing will incumbent banks be to make this information freely available to a myriad of fintech competitors?

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