Instant bank transfer is a type of payment method,
powered by open banking. It involves moving funds from one bank account to
another without using a card or third party payment network. It’s easier than
traditional bank transfers, your funds settle in seconds – and you can do it
all from within our website or app.
2. How secure is Instant Bank Payment?
Instant bank transfers are extremely safe:
payments are authenticated directly with your bank using a secure, read-only
connection. Your login credentials are never stored or shared. We partnered
with TrueLayer to securely connect to your bank and process your payment.
3. What is Open Banking?
Open
banking became UK law in 2018. It requires banks to give access to a client's
financial data, with their consent. Its goal is to give more transparency and
control over their money. It enables one to securely connect to their bank and
authorise an instant bank transfer to their account, instead of using a card or
third party provider. Get more details on Open Banking. 4. What is TrueLayer?
FXOpen UK has partnered with
TrueLayer, an FCA approved provider, for instant and secure bank transfers.
TrueLayer is a leader in
the open banking and fintech space which provides a platform used to
build financial experiences in apps and websites that securely connect bank
data, verify accounts and process payments instantly. Get more details on Truelayer. 5. What countries is TrueLayer available in?
TrueLayer service is
available in the following countries: Austria, Belgium, Finland, France,
Germany, Ireland, Lithuania, Netherlands, Poland, Portugal, Spain, Sweden, and
United Kingdom. Get more details on coverage by country.
6. What commissions does FXOpen UK charge for transactions through IBP (TrueLayer)?
The actual commissions are always displayed to a user while making a deposit or withdrawal operation in the Client Portal. Today, FXOpen UK processes transactions through Instant Bank Payments without any commission. Get more details on commissions and limits set by FXOpen. 7. How can I deposit through Instant Bank Payment?
Deposits through Instant Bank Payment are secure and immediate. The users are redirected to their online banking applications where they authenticate the IDs and confirm the payment.
Truelayer acts as a messenger between the users and their banks. Note, that TrueLyer may only make a payment when a user explicitly authorises it, and it uses bank grade security to prevent unauthorised payments from being made. Get more details on deposits via Instant Bank Transfer. 8. How can I withdraw through Instant Bank Payment?
Withdrawals through Instant Bank Payment are available to those users who previously have made a deposit through Instant bank Payment.
While making a withdrawal a user selects their bank and give consent to link their account to FXOpen UK account. The user is then redirected to their bank to authenticate their account. After that TrueLayer instantly compares that the user's details match with what's at file at their bank. Once verified funds are instantly sent to FXOpen UK account. Get more details on withdrawals via Instant Bank Transfer.