TrueLayer partners crypto exchange Bybit


TrueLayer , a European Open Banking platform, has announces its collaboration with cryptocurrency exchange Bybit to deliver rapid fiat deposits across Europe

TrueLayer , a European Open Banking platform, has announces its collaboration with cryptocurrency exchange Bybit to deliver rapid fiat deposits across Europe. Bybit was established in 2018 as a crypto derivatives trading platform where retail investors and traders could use a fast matching engine for purchasing major cryptocurrencies, coupled with multilingual community support.

The company wants to be a one-stop shop for all things crypto with 100+ spot trading pairs, derivatives, and passive income products. By implementing TrueLayer Payments, Bybit customers across Europe have gained a different digitally-native method to fund their accounts. Payee details are pre-populated by TrueLayer, eliminating errors or the possibility that funds could be sent to the wrong business.

Customers are then redirected to their banking app to authenticate their identity, usually with biometrics such as fingerprint recognition or Face ID before the payment is authorised. Bybit representatives said TrueLayer was the obvious choice for them given its payments expertise and European market coverage. The partnership should bring convenience for the users, coupled with enhanced security allowing consumers to fund their Bybit wallets with confidence to purchase crypto assets, such as Bitcoin (BTC) and Ether (ETH), and reach their personal financial goals.

Beyond an improved payments experience for its customers, Bybit also gains operational benefits. This includes real-time payment confirmation, faster settlement, and lower processing fees compared to other deposit methods. TrueLayer also automates manual processes such as reconciliation with visibility of all payments via its merchant dashboard.

TrueLayer in the news Earlier in August TrueLayer partnered SaaS platform WealthOS, which accelerates digital adoption and innovation for wealth managers, for in-app payments. Together, the two companies seek to bring the benefits of instant bank payments – improved speed, customer experience and security, at a lower operational cost – to the account funding process. Following this collaboration, WealthOS clients can embed TrueLayer’s instant, secure account-to-account payments within the funding journeys of their digital wealth products.

The collaboration reportedly is part of WealthOS’ no-code integrations marketplace, meaning WealthOS clients can access this account funding capability without writing a single line of code. Earlier in the summer the company announced the availability of TrueLayer Payments for WooCommerce plugin, enabling ecommerce SMBs to add instant, secure account-to-account payments to their website. The TrueLayer plugin allows businesses with a WooCommerce webshop to integrate instant bank payments into their website with minimal technical and developer resources required.

As a result, they can benefit from payments powered by TrueLayer, removing the need for customers to input card details, or log into PayPal or other digital wallets. Instead, customers use their online banking service to make a direct payment, using biometric authentication to confirm their identity, with every transaction authorised by bank-level security. .


Sep 01, 2022 14:58
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