Financial news

European crypto platform Swaps.app has introduced instant bank payments in the UK following a partnership with open banking provider TrueLayer.

Estonia-based Swaps.app is partnering with TrueLayer, aiming to use its open banking infrastructure to offer secure, cheap and instant bank payments to the UK. TrueLayer Payments has been embedded in Swaps.app’s platform, ensuring that customers benefit from a more efficient experience.

TrueLayer’s payment offering removes the need to enter card or bank account details. When selecting its ‘Instant Bank Payment’ option, users need to authenticate their identity and confirm the payment. The offering aims to remove the risks of human error.

TrueLayer Payments allows the Swaps.app platform to bypass card networks and their interchange fees. The platform can also protect itself as its customer’s payments are authenticated directly with the bank.

Open banking’s efficiency and operational benefits

Swaps.app explained the partnership not only ensures a better customer experience but also provides operational benefits for the platform. Lower processing fees compared to other deposit methods and real-time payment confirmation and settlement were benefits offered by open banking payments. The platform explained that this offered assurance that every transaction has been authorised and received into customer accounts.

Georgios Kalmpazidis, CEO and founder of Swaps.app, explained how the partnership benefitted the platform’s aims. Kalmpazidis 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.”

The Swaps.app platform was founded in 2019 with a vision to make integrating cryptocurrency payments easier for companies of all sizes. The platform focuses on providing business-to-business crypto services. It also looks to make buying cryptocurrencies easier for individuals via its widget and mobile app offerings.

Nick Tucker, head of financial services at TrueLayer, also spoke on the partnership. Tucker commented: “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.”