CMC Markets Taps TrueLayer Payments for Instant Payments in UK and Europe

CMC Markets, a leading global provider of online trading and institutional (B2B) platform technology solutions, has tapped TrueLayer Payments to offer open banking payment solutions to clients in the UK and Europe. TrueLayer is a leading open banking platform in Europe.

With TrueLayer Payments, CMC Markets's customers are allowed to trade with funds deposited into their CMC Markets accounts in order to access the brokerage firm's services, including access to spread bets and trade contracts for difference (CFDs) through financial foreign exchange, commodities, indices, cryptocurrencies and more. In addition, the open banking solution can further reduce friction and the risk of fraud through instantly pre-populating customer details and featuring strong customer authentication.

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

"Speed has never been more important for customers paying into a trading account: delays or clunky payment methods can lead to investment opportunities being missed and customers using rival services," Mariko Beising, VP of Financial Services & Partnerships at TrueLayer. "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."

CMC Markets's strategy moves are supported by its strong balance sheets. In mid-June this year, the financial services firm published its final results for its fiscal year of 2023​, recording the net operating income of £288.4 million with a slight increase of 2% on a yearly basis.