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Swaps.app is using TrueLayer’s open banking infrastructure to deliver secure, lower cost instant bank payments in the UK
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TrueLayer’s instant bank payments allow Swaps.app to bypass card networks and their interchange fees, and to safeguard customers
TrueLayer, Europe’s leading open banking platform, today announced its collaboration with innovative European crypto payment platform Swaps.app. Estonia-based Swaps.app is a crypto and fiat payment gateway providing a platform for businesses to offer cryptocurrency purchases and payments on their websites.
Swaps.app was founded in 2019 with a vision to make integrating cryptocurrency payments easier for companies of all sizes. While it focuses on providing B2B crypto services, Swaps.app also makes the crypto buying experience easier for individuals through its multifunctional widget and mobile app, available both on App Store and Google Play.
To complement its 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.”
