Cryptocurrency exchange Coinmama has partnered Open Banking platform TrueLayer to provide instant payments for customers across Europe. The partnership aims to leverage TrueLayer’s Open Banking payment system in order to minimise friction in crypto transactions and allow customers to benefit from an improved experience when purchasing cryptocurrencies.

In essence, by removing the need to enter card or bank account details, the new system reduces the risk of errors and failed payments. When purchasing cryptocurrencies, users can just tap on the ‘Instant Bank Transfer’ option and confirm the payment by authenticating with their selected bank via biometrics. Furthermore, card-based fraud and chargebacks are minimised due to TrueLayer’s payment authentication method, which also makes payments SCA compliant.

The system will serve European and UK customers over the coming months. TrueLayer representatives cited by ibsintelligence. com revealed that consumer interest in cryptocurrencies is on a growing trend, and this brings an expectation for a frictionless experience.

They also highlighted that European investors are missing out on investment opportunities because funds do not appear in their accounts quickly enough. The instant account-to-account payments system aims to improve Coinmama’s customer loyalty figures through a more intuitive fiat on-ramp. Coinmama representatives cited by the same source emphasised that their partnership with TrueLayer is in tune with their vision of delivering an improved experience to their customers.

Other companies that have implemented TrueLayer’s technology In November 2022, TrueLayer’s platform was integrated by the social trading platform NAGA in a bid to improve customer onboarding experiences and provide closed-loop payments. Following this partnership, NAGA’s customers can benefit from improved account funding through TrueLayer Payments. The collaboration can also deliver more efficient and cost-effective processes such as customer onboarding.

By leveraging TrueLayer Verification, the company can match the name of the customer with the name on file at the bank, returning a result in seconds rather than days compared to manual bank statement checks. In the same month, TrueLayer has partnered with online gaming operator BetCity to offer players instant payouts. Having integrated TrueLayer Payments with Bragg Gaming’s Player Account Management (PAM) iGaming platform, BetCity can push funds to the player’s account instantly and securely.

TrueLayer officials highlighted that players are used to doing everything instantly these days. Still, after winning, they are often left waiting to gain possession of their rewards. Considering the competitive landscape of gaming, instant payouts are becoming essential for European operators, and, following the partnership with BetCity, TrueLayer can bring Open Banking technology to payouts, thus enabling the delivery of an instant experience for players.

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