Bybit’s move to appoint TrueLayer comes amid the growing use of open banking by Bybit’s ecosystem, which now counts over 10 million users worldwide. TrueLayer says open banking can provide a more “efficient” and “cost-effective” process for crypto platforms like Bybit.

As crypto investors become accustomed to the benefits of open banking, they look for platforms that offer it. Who couldn’t find themselves losing ground.

This trend towards open banking is not unique to cryptocurrency exchanges and indicates a deeper and more sustained shift in consumer preferences. Open banking is rapidly being adopted by other trading and investment platforms.

Leila Mcharek, Head of Payments and Business Strategy at Bybit, commented: This brings next-level convenience, coupled with enhanced security that allows users to purchase crypto-assets such as Bitcoin (BTC) and Ether (ETH) with confidence to achieve their personal financial goals. brought. “

Commenting on the collaboration, TrueLayer Crypto Lead Ross Kelly said: Add, choose your bank, and confirm your transaction using the strongest authentication method available. We are happy to cooperate with Bybit. We look forward to expanding our collaboration with additional of his TrueLayer services in the coming months. “

By implementing TrueLayer Payments, Bybit customers across Europe are now able to fund their accounts in a more efficient, secure and digitally native way. Recipient details are pre-filled by TrueLayer, eliminating errors and the possibility of funds being sent to the wrong business.

For example, it says it can enhance the onboarding process through enhanced verification. This means customers’ identities and creditworthiness can be assessed in seconds instead of days compared to manually checking bank statements.

According to TrueLayer, pre-verifying customer details also simplifies payment setup, resulting in fewer failed transactions.

The open banking platform, founded in 2016 by Francesco Simoneschi and Luca Martinetti, will also improve the experience for Bybit customers when funding their investment accounts.

Eliminate the need to enter card or bank account details with instant, secure account-to-account payments through open banking, and use biometrics to authenticate your identity and confirm payments.

Real-time payment confirmation also allows Bybit to ensure that all transactions are approved and customers have funds available for trading, TrueLayer said.

Bybit not only improves the payment experience for customers, but also gains significant operational benefits. This includes real-time payment confirmation, fast settlement, and low processing fees compared to other deposit methods. TrueLayer also automates costly and time-consuming manual processes such as reconciliations with full visibility of all payments via the merchant dashboard.