Swaps.app Introduces Instant Bank Payments With TrueLayer
To complement our digital-first experience, Swaps.app is partnering with TrueLayer, using its open banking infrastructure to deliver secure, lower cost instant bank payments in the UK.
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We are thrilled to announce our collaboration with TrueLayer, Europe’s leading open banking platform.
TrueLayer is a global open banking platform that makes it easy for anyone to build better financial experiences. Businesses of every size, from startups to large enterprises, use TrueLayer to power their payments, access financial insights, and onboard customers across the UK and Europe. Founded in 2016, TrueLayer is trusted by millions of consumers and businesses around the world.
To complement our digital-first experience, Swaps.app is partnering with TrueLayer, using its open banking infrastructure to deliver secure, lower cost instant bank payments in the UK. With TrueLayer Payments embedded in the Swaps.app platform, customers benefit from an improved experience when funding their investments.
Payments powered by TrueLayer remove the need to enter any card or bank account details. Instead, customers simply select the Instant Bank Payment option, authenticate their identity and confirm the payment, removing the risk of human error. As a result, Swaps.app bypasses card networks and their interchange fees, and safeguards itself as all customer payments are authenticated directly with the bank.
Georgios Kalmpazidis, CEO and Founder of Swaps.app, said:
The central principle behind Swaps.app is to make the onramp to cryptocurrencies as straightforward as possible. We’re delighted to be working with a market leader in TrueLayer to support our business across the UK and Europe with a user experience that is more intuitive and faster.
As well as improving the customer experience through smoother deposits, open banking payments with TrueLayer provide Swaps.app with numerous operational benefits. This includes lower processing fees compared to other deposit methods and real-time payment confirmation and settlement, providing Swaps.app with the assurance that every transaction has been authorised and received into the customers’ accounts.
Nick Tucker, Head of Financial Services at TrueLayer, added:
Speed is the name of the game when it comes to crypto investments. Slow settlements can cause customers to lose trust in platforms and miss out on opportunities. Our partnership will help Swaps.app deliver the fast, frictionless, safe and secure experiences that only open banking payments can provide.
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