The online trading platform , CMC Markets (LON: CMCX) has announced a move to improve user experience by integrating TrueLayer Payments in the UK and Europe. TrueLayer, an open banking platform, brings a closed-loop payments product to the table that offers secure and swift transactions. According to the company press release, it is an upgrade from traditional payment methods, such as debit cards or manual bank transfers.

CMC Markets Adds Open Banking Solutions

CMC Markets has been offering its services in online financial trading since 1989, serving over 300,000 clients worldwide. The collaboration with TrueLayer is set to elevate the trading experience for CMC Markets' customers, offering them an account-to-account payment experience.

The integration implies that users can now enjoy faster payments, with funds swiftly deposited into their CMC Markets accounts. The technology also pre-populates customer details instantly and has a strong customer authentication (SCA) built in, thereby reducing friction and fraud risk.

"Our clients value an interactive payment method and one which can deliver near real-time payments. Open Banking delivers this for CMC in the UK market and in Europe where clients can use Instant SEPA," Colleen Bohm, the Head of Payments at CMC Markets, commented. "We're excited to work with TrueLayer and look forward to working with them as they expand geographically."

The news comes days after CMC Markets released a trading update that indicated a year-on-year decline of 15 to 20 percent in client investment activity. According to the brokerage operator, the slowdown in trading activity between April and June was accelerated by calm market conditions and in line with the company's expectations.

A Response to Evolving Market Needs

A recent survey by TrueLayer and YouGov revealed that almost a quarter (24%) of more than 3,000 current and prospective users of online wealth management services across Europe have missed out on investment opportunities due to slow deposits. The survey also highlighted that about two-thirds (64%) of these investors would place greater trust in a provider that offers instant payments .

With the integration of TrueLayer's open banking technology, CMC Markets addresses these evolving market needs, ensuring its customers do not miss out on investment opportunities due to slow or clunky payment methods.

Mariko Beising, the VP of Financial Services & Partnerships at TrueLayer, believes that open banking payments make deposits faster and smoother, while maintaining rigorous security standards. "We're excited to work with CMC Markets to bring these advantages to their customers," Beising added.

In the past, TrueLayer's open banking solutions were implemented by Revolut and other companies from the financial technology sector. The company expanded its European presence significantly and entered five new markets in 2022.