Using Open Banking to fund robo-advisor managed accounts
At Nutmeg they see new financial products as a great opportunity to improve the customer experience. That’s why they have integrated their service with Yolt, Emma and Money Dashboard. Customers of these apps can now see their Nutmeg ISA, Lifetime ISA, pension, general investment account and Junior ISA balances in the apps alongside other financial products they hold. This is a great example of transparency in financial services leading to better user outcomes.
What's the open banking use case?
Nutmeg uses Open Banking APIs to initiate payments from users’ accounts – with users’ consent. The benefit of this technology over card payments and direct debits is enhanced security, faster payments and a lower cost, which helps Nutmeg to keep their fees low.
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