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Bybit’s European Fiat Deposits Meet Open Banking Through TrueLayer Collaboration

Truelayer‘s open banking payments are now available to Bybit‘s European customer base as the collaboration seeks to refine account-to-account payments. 

By implementing TrueLayer Payments, Bybit customers in Europe will have access to more digitally-native means of funding their accounts.

TrueLayer’s open banking platform will be leveraged to pre-populate payee details eliminating errors and the misdirection of funds.

Customers are then redirected to their banking app to authenticate their identity, usually with biometrics such as fingerprint recognition or Face ID, before the payment is authorised.

Citing the platform’s European market coverage as an indicator for the exchange’s selection of TrueLayer, Leila Mcharek, head of payments and business strategy at Bybit, says that the decision has brought “next level of convenience” to Bybit users funding their wallets, and will support the wider adoption of crypto assets, such as Bitcoin (BTC) and Ether (ETH).

Aside from the customer experience, Bybit says that it has gained ‘significant operational benefits’ due to its collaboration with TrueLayer.

The exchange’s use of open banking will facilitate real-time payment confirmation, faster settlement and lower processing fees, when compared to other deposit methods.

TrueLayer’s merchant dashboard automates many manual processes, providing full-view reconciliation of all payments.

Ross Kelly, crypto lead at TrueLayer
Ross Kelly, crypto lead, TrueLayer

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.”

Kelly confirms that the company will be expanding its collaboration with additional TrueLayer services over the coming months.

With around 10 million users, Bybit is currently the third most visited cryptocurrency exchange in the world, with over 100 spot trading pairs, derivatives and passive income products.

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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