The last South Summit served, among other things, for TrueLayer to present some of the leading open banking applications that the open banking platform has brought to Spain to provide added value to businesses and make them grow.
Specifically, case studies were presented from two of the company’s main clients in Spain: Revolut, a British digital financial institution, and HeyTradeSpanish global investment platform.
Open banking, also known in jargon by the English term open banking, was promoted after the european regulation PSD2 of electronic payments and was born to resolve the technical complexities and regulatory requirements when creating financial products and solutions, integrating all bank payment management operations and financial data management through APIs and a single technological platform.
In addition, it provides a Europe-wide standard for making instant payments from one account to another. These payments are faster, cheaper and more secure than manual bank transfers or cards, which directly contributes to reducing fraud.
The user in the center
Revolut’s goal was to offer a superior user experience through the different functionalities offered by open banking. For this, it chose TrueLayer as a strategic partner, which it described as a company of total trust, highlighting its experience and trajectory in this industry.
Ignacio Zunzunegui, Revolut’s head of growth for Spain and Portugal, highlighted that thanks to this technology they are able to provide a more efficient service and reduce possible intermediary errors when inserting money into the account or carrying out transactions. This is possible by connecting the account directly with the bank and thus avoiding having to key in the digits of the card or account number, which the most agile, simple and secure process.
“Open banking fits very well with our holistic view of the sector. As a financial super app, we strive to offer our customers all the services they need in one place. By associating with a partner of recognized prestige like TrueLayer we take another step in that direction, making Revolut a unique application for everything related to finance and providing our clients with cutting-edge solutions that help them make better financial decisions”he pointed.
In the case of HeyTrade, their goal was respond to these needs of Spanish investors and traders, and thanks to the solution Payments Initiation of TrueLayer, your customers can access, directly from the app, and quickly and safely, to your bank account to start operating after a account opening process in less than five minutes.
Ramiro Martínez-Pardo, CEO of HeyTrade, highlighted how open banking technology has made payment, deposit and withdrawal operations on its platform more agile, “Which generates a lot of confidence in our users because it lets them know that, if they need their money, they can have it back in their bank quickly.”
Nearly half (46%) of Spanish investors said they would consider investing more through investment platforms like HeyTrade if they had the ability to withdraw funds immediately, as research conducted in late 2020 by TrueLayer and YouGov showed. .
