Nutmeg has said it will become the first wealth manager in the UK to facilitate faster payments for clients using open banking.

Most clients of the digital wealth manager presently top up their accounts using card payments or bank transfers, whereas the open banking initiative means customers can sign into their bank accounts via the Nutmeg website and instantly deposit funds.

The robo-advice firm, the fifth largest wealth manager in the UK by customer numbers, has partnered with application programming interface (API) firm TrueLayer for the new initiative.