Case Study: Nutmeg improves investor payments experience with TrueLayer

Nutmeg improving investor experience with open banking

Nutmeg, the UK’s first and largest digital wealth manager, wanted to improve its payments process so investors could get money into the market faster while reducing the operational burden of reconciling deposits. Before working with TrueLayer, most payments came via debit cards, which were slower and more expensive, while bank transfers were cost-effective but often lacked the metadata needed for easy reconciliation. Nutmeg used TrueLayer’s Payments API and open banking payment solution to address this challenge.

With TrueLayer, Nutmeg implemented a faster, smoother payment flow across iOS, Android, and web, allowing customers to log in to their bank, confirm a payment, and send funds directly with helpful metadata. The result was a better investor experience and significantly higher adoption: open banking payments grew to around a quarter of all payments, with more than 40% of mobile deposits coming through TrueLayer and a 5x increase in open banking payments, helping cut unallocated deposits by 70%.

Nutmeg

Charlie Masters

Product Manager