TrueLayer Will Facilitate Coinbase UK Open Banking Payments

A significant victory for the open banking service following employment losses.

With the assistance of open banking supplier TrueLayer, cryptocurrency exchange Coinbase will provide near-immediate deposits for all UK consumers in the coming weeks.

Given that Coinbase is the second biggest cryptocurrency exchange internationally and the largest US exchange by volume, this is a significant customer victory.

While the function is advertised as “simple bank transfers,” it is really an open banking payment allowing users to make account deposits.

The user just links their bank account to Coinbase and is then able to conduct instantaneous transactions without having to manually update their bank account information, substantially boosting speed and decreasing mistakes.

“Payment methods like cards and manual bank transfer don’t support an efficient fiat to crypto on-ramp. That creates a poor user experience and unnecessary operational overheads for exchanges,” said Francesco Simoneschi, CEO and co-founder of TrueLayer.

“Unencumbered by legacy, open banking payments powered by TrueLayer are digitally native, delivering a faster, more convenient way to pay that is better at protecting against fraud, and less costly for businesses.”

TrueLayer’s recent customer gain comes two months after the open-source company reduced its headcount by 10% owing to “difficult market circumstances” that have hurt numerous fintechs.

It also coincides with a significant crypto market fall, precipitated by the recent bankruptcy of FTX.com, which has repercussions for several associated exchanges and crypto organisations.