NAGA Introduces Open Banking Experience via TrueLayer

European social trading platform NAGA has partnered with TrueLayer to leverage its open banking technology to enhance client onboarding and payments.

NAGA’s decision to name TrueLayer comes amid growing use of open banking by its ecosystem, which also includes cryptocurrency platform NAGAX and neo-banking app NAGA Pay. TrueLayer claims that open banking can provide more “efficient” and “cost-effective” processes for multi-asset platforms like NAGA.

By implementing TrueLayer Payments, NAGA customers across Europe will benefit from a more efficient, secure, digital native method of funding their accounts. Recipient details are pre-populated by TrueLayer, eliminating errors or the possibility of funds being sent to the wrong company.

For example, it says it can improve the onboarding process with improved verification, which means customer identities and creditworthiness can be assessed in seconds, rather than days, compared to checks. manual bank statements.

By pre-verifying customer details, TrueLayer can also simplify payment setup, which means fewer failed transactions. The open banking platform, founded in 2016 by Francesco Simoneschi and Luca Martinetti, will also support an improved experience for NAGA customers when funding their investment accounts.

“We are building a community-driven trading platform to make investing accessible, accessible and social,” said Marianna Agathokleous, Head of Payments at NAGA. “That means removing barriers and providing great onboarding and checkout experiences for our customers.”

She added, “We are excited to be working with TrueLayer to bring new and existing customers to the platform and allow them to fund their account in seconds.”

Using instant and secure account-to-account payments through open banking, TrueLayer removes the need to enter card or bank account information, using biometrics to authenticate identity and confirm payment.

Real-time payment confirmation also provides NAGA with assurance that each transaction has been authorized and that customers have funds available to transact, TrueLayer said.

Beyond an improved payment experience for its customers, NAGA also enjoys significant operational benefits. This includes real-time payment confirmation, faster settlement and lower processing fees compared to other deposit methods. TrueLayer also automates costly and time-consuming manual processes such as reconciliation with full visibility of all payments through its merchant dashboard.

NAGA operates under entities regulated by different financial supervisory authorities, including the German Federal Financial Supervisory Authority (BaFin) and the regulator of Seychelles. Additionally, the company is focused on expanding its regulatory map, having recently secured an Estonian crypto license for NAGAX. Additionally, two more crypto asset service provider licenses are in the works and are expected to be granted in 2022, the company said.