Swaps.app introduces instant bank payments with TrueLayer

By Gloria Methri

TrueLayer, one of Europe’s leading open banking platforms has announced a collaboration with Estonian crypto payment platform Swaps.app. Founded in 2019, Swaps.app provides a platform for businesses to offer cryptocurrency purchases and payments on their websites.

The company is using TrueLayer’s open banking infrastructure to deliver secure, lower cost instant bank payments in the UK. Payments powered by TrueLayer will remove the need for customers to enter any card or bank account details. Instead, they can simply select the Instant Bank Payment option, authenticate their identity, and confirm the payment.

As a result, Swaps.app will bypass card networks and their interchange fees, while safeguarding itself as all payments are authenticated directly with the bank.

Georgios Kalmpazidis, CEO and Founder of Swaps.app, 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.”

Besides improving the customer experience through smoother deposits, open banking payments provide Swaps.app with numerous operational benefits. This includes lower processing fees compared to other deposit methods and real-time payment confirmation and settlement. This provides Swaps.app with the assurance that every transaction has been authorised and received into the customers’ accounts.

Nick Tucker, Head of Financial Services at TrueLayer, said, “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.”