Trading 212 and TrueLayer reported new operating figures for automated UK bank deposits on 4 November. Bank on File went live at Trading 212 in June. It uses commercial variable recurring payments: customers authorise bank payments of varying amounts within agreed limits and do not authenticate every deposit again.
Customers establish a mandate in their bank app and select an AutoInvest schedule. The companies say all six of the UK’s largest banks are supported, 97% of payments succeed and remaining failures are due to insufficient funds. Bank on File’s share of recurring deposits grew more than fivefold in under four months, before customer marketing; the average payment was over 50% larger than a card payment. These are company-reported metrics without an independently published sample.
Trading 212 plans to place Bank on File at more points in its customer journey and make it the default investment-funding method. The update compares its instant deposits with card fees and expiry problems and slower Direct Debit clearing. It does not make a claim about the availability of this payment method for every country, legal entity or CFD account.
Sources: truelayer.com · FX News Group
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