TrueLayer and Wombat partnership offers Payment APIs
TrueLayer, the London-based technology startup that builds financial apps for banking and payment solutions, has partnered up with Wombat to provide payment APIs on investment accounts.
The collaboration with a swiftly growing startup investment platform that provides a user-friendly and secure interface for both novice and experienced investors, will provide the UK-based fintech with cutting-edge payment APIs for its investment customers.
Wombat Invest Payment APIs
Currently, Wombat's service provides Investment ISAs, fractional share investing for UK and US stocks, and 22 curated Exchange Traded Funds (ETFs). The platform helps investors build a portfolio that reflects their specific interests. Wombat Invest's tools also encourage positive investment habits through 'set-and-forget' features such as monthly automated saving and round-ups.
The new partnership with TrueLayer now provides Wombat's customers with the ability to instantly deposit funds into their investment accounts. According to reports, after just one week of launch, 82% of Wombat's one-off deposits are now being routed through the API payment solution.
API payment benefits
Until now, Wombat customers have traditionally funded their accounts through bank transfers, or cards, which can take days to credit into the investment account. Now with TrueLayer's market-leading Payments API delivering instant, secure deposits, the majority of its customers are funding and building their investment portfolio in a matter of minutes, allowing Wombat to stay ahead of the changing markets.
, explained, "We believe our approach to investing makes us stand out against the competition because we can address a growing demand in the market that has not been attended to by any mobile trading service before, the everyday person who wants to get into investing."
He continued, "The integration of TrueLayer's Payments API aligns perfectly to our ethos of making investing easy, accessible and transparent. It is faster, more secure and gives our customers an enhanced investor experience."
Speaking about the collaboration, , said, "Retail investing is booming, and as more customers look for services that help them save and invest, their expectations are changing. Innovative firms such as Wombat are embracing the benefits of open banking payments to differentiate and drive customer loyalty," added, "Its customers have embraced it, with the majority now making their one-off payments through the open banking option after just one week."
He added, "This doesn't come as a great surprise as we've witnessed a significant uptick in conversion rates with our Payments API, outstripping both card and alternative payment methods."
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech live event will bring together influential executives from around the world. Live from London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech live will expand your network, deliver insight, and enhance your organisation’s reach. Events include a forum on financial services, discussions centred on racial equality and women in fintech, and APAC, EMEA, and US-focused sessions that capture insights from around the world.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Scope Out the Agenda
This week, we’ll share our weekend schedule of events, filled with essential industry topics and keynotes replete with knowledge and insight. Here’s a rundown of the three-day schedule:
Kicking off at 10 AM with a welcome message from our CEO Glen White, the first day of FinTech and InsurTech Live won’t pull any punches. We discuss racial equality, inventive financial services, and cloud migration—and that’s just the morning lineup.
Later on, we’ll cover supplier diversity, AI digital transformation, and fintech sustainability, in addition to cloud and digital transformation in global insurance. Don’t worry—we have a networking lunch in-between events! Finally, we’ll close out the day with online banking, women in fintech, and a recap of Day 1.
First we’ll hear from Scott Birch, our expert BizClik Media Editorial Director and facilitator, live from the Fintech Leaders Stage. We then jump into the future of digital payments, unicorns, and digital insurance brokers. Interested in learning more about digital underwriting and digital payment solutions? You’ve come to the right place.
In the afternoon, we’ll touch on CX in insurance, host a forum on financial services, and discuss what the world might look like as a cashless society, plus the future of challenger and neo banks. Wrapping up, we’ll talk tech and AI in insurance, PayTech, and hear from a surprise inspirational speaker. But we’re not done yet.
As is only fitting, BizClik’s CEO, Glen White, will introduce our APAC sessions, highlighting the critical role that Asia will play in the future of fintech and insurance. Following his remarks, we’ll open up the floor for a chat about digital banking, discuss technology in APAC, and hear from Dipu KV in an iconic keynote address.
After a series of thought leaders and networking sessions, we’ll head into an EMEA-focused session, which includes an EMEA technology panel, a CDO keynote, and a Europe enterprise presentation. In fact, this day’s events span the globe. Next up is a USA regional keynote, followed by a US CIO presentation and talks about enterprise.
A final end-of-event farewell will close out the weekend, wrapping up a successful FinTech and InsurTech global event. Can’t miss it. We look forward to seeing you there!