Bybit uses TrueLayer to leverage open banking technology

Bybit’s decision to name TrueLayer comes amid growing use of open banking by Bybit’s ecosystem, which now has more than 10 million users worldwide. TrueLayer claims that open banking can provide more “efficient” and “cost-effective” processes for crypto platforms like Bybit.

As crypto investors become more familiar with the benefits of open banking, they will seek out platforms that offer it. Those who couldn’t find themselves losing ground.

This open banking trend is not unique to crypto exchanges, indicating a deeper and longer lasting shift in consumer preferences. Open banking is rapidly being adopted on other trading and investment platforms.

Leila Mcharek, Head of Payments and Business Strategy at Bybit, said, “When looking for a vendor, TrueLayer was the obvious choice given their expertise in payments and wide coverage of the European market. It brings a higher level of convenience, combined with strong security, allowing users to fund their Bybit wallets with confidence to purchase crypto assets, such as Bitcoin (BTC) and Ether (ETH), and achieve their personal financial goals.

Commenting on the collaboration, Ross Kelly, Head of Crypto at TrueLayer, said, “Free from legacy, Open Bank Payments powered by TrueLayer gives Bybit users a better way to fund their accounts – just enter the amount fiat currency you wish to add, select your bank and confirm the transaction using the strongest authentication method available. We are delighted to be working with Bybit and look forward to expanding our collaboration with other TrueLayer services at course of the next few months.

By implementing TrueLayer Payments, Bybit customers across Europe have gained a more efficient, secure, digital native method of funding their accounts. Recipient details are pre-populated by TrueLayer, eliminating errors or the possibility of funds being sent to the wrong company.

For example, it says it can improve the onboarding process with improved verification, which means customer identities and creditworthiness can be assessed in seconds, rather than days, compared to checks. manual bank statements.

By pre-verifying customer details, TrueLayer claims it can also simplify payment setup, which means 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 and secure account-to-account payments through an open banking system, there is no longer any need to enter card or bank account details, using biometrics to authenticate identity and confirm the payment.

Real-time payment confirmation also provides Bybit with assurance that each transaction has been authorized and that customers have funds available to transact, TrueLayer said.

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