TrueLayer has announced a collaboration with crypto exchange Bybit in a bid to drive more digital-native payment methods on the crypto site. 

The open banking platform will implement its payments software to Bybit so customers can make efficient and secure payments to fund their accounts. Payee details are pre-populated by TrueLayer, eliminating possible errors or funds that could be sent incorrectly. 

This in turn will redirect customers to their banking app to verify their identity. TrueLayer integrates biometrics such as fingerprint recognition and Face ID during the authentication process before the payment is authorised. 

Ross Kelly, Crypto Lead at TrueLayer, commented on the partnership: “Unencumbered by legacy, open banking payments powered by TrueLater 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. We’re delighted to be working with Bybit and look forward to expanding our collaboration with additional TrueLayer services over the coming months.”

With over 10 million users, Bybit was established in 2018 to benefit retail investors and traders from an “ultra-fast matching engine” to where they can buy cryptocurrencies. The crypto platform has developed into a one-stop shop for cryptocurrencies in over 100 spot trading pairs.

Through its partnership with TrueLayer, Bybit benefits from its operational front in real-time payment confirmation, faster settlements, and lower processing fees. 

“When looking for a provider, TrueLayer was the obvious choice given its payment expertise and broad European market coverage,” states Leila Mcharek, Head of Payments and Business Strategy at Bybit. 

“It brings the next level of convenience, coupled with enhanced security enabling users to fund their Bybit wallets with confidence to purchase crypto assets such as Bitcoin, and reach their personal financial goals.”