Bybit taps TrueLayer to leverage open banking technology
Bybit, one of the world’s most influential crypto exchanges, Bybit has teamed up with TrueLayer to will leverage its open banking technology to help bolster its client onboarding and payments.
The move by Bybit to appoint TrueLayer comes amid growing usage of open banking by Bybit’s ecosystem, which now counts over 10 million users worldwide. TrueLayer says open banking can deliver more “efficient” and “cost-effective” processes for crypto platforms like Bybit.
As crypto investors become familiar with the benefits of open banking, they will seek out the platforms that offer it. Those that don’t could find themselves losing ground.
This trend towards open banking is not unique to crypto exchanges, which points to a deeper and more sustainable shift in consumer preference. Open banking is being adopted quickly in other trading and investment platforms.
Leila Mcharek, Head of Payments and Business Strategy at Bybit, commented: “When looking for a provider, TrueLayer was the obvious choice given its payments expertise and broad European market coverage. It brings the next level of convenience, coupled with enhanced security enabling users to fund their Bybit wallets with confidence to purchase crypto assets, such as Bitcoin (BTC) and Ether (ETH), and reach their personal financial goals.”
Commenting on the collaboration, Ross Kelly, Crypto Lead at TrueLayer, stated: “Unencumbered by legacy, open banking payments powered by TrueLayer are delivering a better way for Bybit users to fund their accounts.– simply input the amount of fiat currency you want to add, select your bank, and confirm the transaction using the strongest available authentication method. We’re delighted to be working with Bybit and look forward to expanding our collaboration with additional TrueLayer services over the coming months.”
By implementing TrueLayer Payments, Bybit customers across Europe have gained a more efficient, secure, 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.
For example, it says it can enhance the onboarding process through enhanced verification, meaning customers’ identities and credit worthiness can be assessed in seconds, rather than days, compared to manual bank statement checks.
By pre-verifying customers’ details, TrueLayer says it can also simplify payment setup, meaning fewer failed transactions.
The open banking platform, founded in 2016 by Francesco Simoneschi and Luca Martinetti, also says it will support an improved experience for Bybit customers when funding their investment accounts.
By using Instant, secure account-to-account payments via open banking, it removes the need to enter any card or bank account details, using biometrics to authenticate identity and confirm the payment.
Real-time payment confirmation also provides Bybit with an assurance that every transaction has been authorised and customers have the funds available to trade, TrueLayer said.
Beyond an improved payments experience for its customers, Bybit also gains significant operational benefits. This includes real-time payment confirmation, faster settlement, and lower processing fees compared to other deposit methods. TrueLayer also automates expensive and time-consuming manual processes such as reconciliation with full visibility of all payments via its merchant dashboard.