Through this partnership, Swaps.app customers will be able to benefit from an improved user experience when funding their investments. Swaps.app offers a multifunctional widget and mobile app, both available on the two most popular app stores.
Payments powered by TrueLayer remove the need to enter any card or bank account details. Instead, customers can leverage an Instant Bank Payment option, authenticate their identity, and confirm the payment, which removes the risk of human error. By using this system Swaps.app can bypass card networks and their interchange fees while ensuring all customer payments are authenticated directly with the bank.
Other benefits from the partnership with TrueLayer include lower processing fees compared to other deposit methods, as well as real-time payment confirmation and settlement, which assures Swaps.app that each transaction has been authorised and received into the customers’ accounts.
Swaps.app representatives revealed that the company’s goal is to make the onramp to cryptocurrencies as straightforward as possible. They also highlighted their partnership with TrueLayer and its role in creating a more intuitive and faster user experience.
TrueLayer officials touched on the importance of speed when it comes to crypto investments and emphasised how slow settlements can cause customers to lose trust in platforms and miss out on opportunities. They also mentioned the importance of Open Banking and how it can deliver fast, frictionless, safe, and secure experiences.
In December 2022, TrueLayer has partnered cryptocurrency exchange Coinmama to provide instant payments for customers across Europe.
The partnership aims to leverage TrueLayer’s Open Banking payment system in order to minimise friction in crypto transactions and allow customers to benefit from an improved experience when purchasing cryptocurrencies. In essence, by removing the need to enter card or bank account details, the new system reduces the risk of errors and failed payments.
When purchasing cryptocurrencies, users can just tap on the ‘Instant Bank Transfer’ option and confirm the payment by authenticating with their selected bank via biometrics.
TrueLayer representatives cited by ibsintelligence.com revealed that consumer interest in cryptocurrencies is on a growing trend/ They also highlighted that European investors are missing out on investment opportunities because funds do not appear in their accounts quickly enough. The instant account-to-account payments system aims to improve Coinmama’s customer loyalty figures through a more intuitive fiat on-ramp.
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