Trading 212 Adds Automated Bank Deposits as 97% Success…
By Rick Steves
AI summary of the source article
Trading 212 has integrated TrueLayer’s Bank on File to enable automated bank deposits for recurring investment schedules. Built on the UK’s commercial Variable Recurring Payments framework, the feature has achieved a 97% success rate since its June launch.
Why it matters
The feature "addresses a practical friction in automated investing: an investment schedule can be set in an app, but the funding mechanism still needs to be reliable and quick."
Key facts
- Trading 212 implemented TrueLayer's Bank on File using the UK's commercial Variable Recurring Payments framework for its AutoInvest feature.
- The companies report that 97% of payments have succeeded since going live in June, with failures attributed to insufficient funds.
- All six of the UK's largest banks are connected, and Bank on File's share of recurring deposits expanded more than fivefold in under four months.
Source excerpt · FinanceFeeds
Trading 212 has completed an automated-deposit feature using TrueLayer’s Bank on File, allowing customers to fund recurring AutoInvest schedules directly from their bank accounts. The announcement says customers authorise a payment mandate in their banking app, choose a schedule and then receive subsequent deposits without re-authenticating for every payment. The companies say 97% of payments have…