If I send a bank transfer to my Freetrade account using my payment reference code (eg. XXXXX1234567) does a human need to find my corresponding Freetrade account or is this all automated. Would be a bit ridiculous if manual.
It’s mostly automated. There’s a bit of manual work to go get the bank statement, but once that’s uploaded into the platform it’s all handled automatically.
The part of the platform that processes deposits runs a few steps:
- it finds who the transaction is for using the reference code,
- it checks the account that sent the funds matches your linked bank account,
- it also runs through some extra checks we’ve added to prevent fraud and other financial crime.
If everything looks good it then updates your balance.
That manual step at the start isn’t great, and prevents us offering instant deposits, so we’re looking to automate it; maybe using Open Banking APIs.