NAGA Taps TrueLayer's Technology for Enhanced Customer Onboarding Experience and Payment Services

NAGA, a social trading platform, has implemented TrueLayer's platform to improve the customer onboarding experience and provide closed loop payments.

The service will be initially implemented in Germany, Spain, Ireland, Finland, France, Lithuania, and the Netherlands.

NAGA's customers will benefit from improved account funding through TrueLayer Payments. Instant – secure account-to-account payments remove the need to enter any card or bank account details. Using biometrics to authenticate identity and confirm the payment, they remove the risk of human error. As a result, NAGA bypasses card networks and their interchange fees, and safeguards itself as payments are authenticated directly with the bank, making them SCA compliant and reducing the opportunity for card-based fraud.

The rollout of instant withdrawals and customer verification will also be announced soon. For withdrawals, customers would previously have to wait at least a day, often longer in the case of cards, to receive their funds. With payments powered by TrueLayer, withdrawals will soon be sent to the same bank account used for deposits in just a few seconds.

The collaboration will also deliver more efficient and cost-effective processes, including customer onboarding. TrueLayer Verification will match the name of the customer with the name on file at the bank, returning a result in seconds rather than days compared to manual bank statement checks.

(Source: The Paypers)