FXOpen presents instant bank payments

FXOpen is delighted to announce a new free, instant and secure deposit and withdrawal option. We partnered with TrueLayer, an FCA approved provider, to provide our traders with an additional deposit method, making it even easier to fund and withdraw with FXOpen.

Benefits to traders:

 •   Fast and effortless – no need to manually enter card information or account details.

 •   Instant deposit and withdrawal. A withdrawal is required to be manually checked and approved and once approved, the withdrawal will be instant.

 •   Highly secure and increased protection against fraud – payments are authenticated directly with the client's bank using a secure, read-only connection and login credentials are never stored or shared with anyone.

Understanding an instant bank payment

An instant bank payment is a new 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 and more secure than card payments.

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.

How secure are instant bank transfers?

Instant bank transfers are extremely safe. Payments are authenticated directly with the client’s bank using a secure, read-only connection. Login credentials are never stored or shared.