Social trading platform Naga taps TrueLayer for A2A payments

European social trading platform Naga has tapped open banking platform TrueLayer for enhanced customer onboarding and instant account-to-account (A2A) payments.

Naga taps TrueLayer for A2A payments

Naga is a community-focused trading platform integrated with a social network that allows its community of traders to promote their investments and share their strategies.

Thanks to the partnership, Naga users will now be able to top up their accounts using A2A payments authenticated via biometrics and without interchange fees or the need to input card or bank details.

Because payments are authenticated directly with customers’ banks, they are strong customer authentication (SCA) compliant and the opportunity for card-based fraud is reduced, TrueLayer says.

The changes will initially take effect for Naga customers in Germany, Spain, Ireland, Finland, France, Lithuania and the Netherlands.

Customer onboarding will also be enhanced, with TrueLayer Verification matching the name of the customer with the name on file at the bank, returning a result “in seconds rather than days”.

Instant withdrawals and customer verification solutions are also in the pipeline, with withdrawals set to be sent to the same account used for deposits almost instantly.

Marianna Agathokleous, head of payments at Naga, says building a community-focused trading platform “means removing barriers”, and by working with TrueLayer, new and existing customers can get onto the platform and fund their account in seconds.