NAGA, the social trading platform, has implemented TrueLayer’s Open Banking platform as part of plans to improve its customer onboarding experience and provide closed loop payments.

NAGA’s platform features a community element where traders are encouraged to promote their investments and share their strategies with other users.

TrueLayer’s platform will initially be implemented for NAGA customers in Germany, Spain, Ireland, Finland, France, Lithuania and the Netherlands.

By implementing TrueLayer, NAGA said its customers will benefit from improved account funding, near-instant withdrawals, and secure account-to-account payments which remove the need to enter any card or bank account details.

The verification process 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, said the partnership.

“We’re building a community-focused trading platform to make investing accessible, approachable and social,” said Marianna Agathokleous, head of payments at NAGA. “That means removing barriers and providing excellent onboarding and payments experiences to our clients.”

She added: “We’re excited to be working with TrueLayer to get both new and existing customers onto the platform and enable them to fund their account in seconds.”

The move comes a day after the Financial Conduct Authority called on trading apps to reconsider game-like design features, which the regulator says pushes consumers to invest in products they wouldn’t usually.

The UK financial watchdog warned that while gamification can engage consumers, it is being used in ways that can mislead consumers and drive problem behaviours.

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