Tap Global Group plc, a digital finance hub, has partnered with Moorwand, a UK FCA-regulated EMI.
Through the alliance, Tap will integrate Moorwand's BaaS platform to offer customers GBP accounts complete with Sort Codes and Account Numbers, and EUR accounts with individual IBANs. The company sees this initiative as key to its goal to launch a fintech superapp, bridging the gap between traditional fiat financial systems and the digital asset economy.
Platform improvements
The integration will remove the dependency on external bank accounts for funding, offering dedicated IBANs and account numbers so users can receive payments from peers and fund their accounts with no help from an external bank. This positions Tap as users’ main financial account, boosting engagement and increasing assets under management.
Another benefit for customers is improved payment rails, enabling faster transactions and single euro payments. By enabling users to experience faster and more reliable deposit withdrawals, Tap improves trust and usability, reduces user friction, increases transaction volume, and optimises platform reliability.
The alliance is a step forward in Tap’s product strategy to unlock direct third-party payments. This feature is set to be rolled out in stages to select customers before a full launch, supporting users to receive salary and other payments directly into their Tap account.
Tap, as a UK-based, crypto-native fintech, aims to remove barriers between daily earnings and the digital asset economy, and this new capability was created to capture the flow of user funds at their source, positioning Tap as the primary financial account for a new generation of users. This will produce a cycle of increased assets on the platform, deeper user engagement, and greater customer loyalty.
The move significantly improves Tap’s product from a specialised crypto-based application to a financial account, accelerating the journey towards becoming a holistic digital banking alternative. Moorwand provides the regulated, scalable infrastructure essential for Tap’s growth into a holistic digital banking alternative.
