We are thrilled to announce support for Open Banking, enabling frictionless, near-instant checkout flows for the buying and selling of cryptocurrencies.
Users with UK bank accounts can now enjoy low-cost bank transfer transfers with all the speed and convenience of card payments, completing seamless purchases via open banking in minutes.
Creating a safer, smarter checkout experience
We've teamed up with TrueLayer, the leading technology provider for instant bank payment rails and intelligent API solutions, to offer our users a world-class purchase flow that removes the frictions, delays, and risks associated with traditional bank transfer processes.
Now, users can complete their entire transfer process in seconds without having to spend time inputting MoonPay's bank account credentials or risking the chance of making an error.
With TrueLayer, no passwords are ever stored and credentials are only shared with the customer's bank, eliminating the security risks associated with conventional bank transfers.
Increasing conversion and defeating fraud
For businesses, our new Open Banking functionality secures a significantly higher success rate (95%+ according to TrueLayer) and nearly eliminates the potential for fraud — ultimately allowing us to accept more payments from the right users.
We see this as a major milestone in our mission to accelerate mass adoption of cryptocurrency through better payment infrastructure, but we recognise — to have global impact — all our products and services need to have global reach.
This is just the first of many steps we’ll be taking toward rolling this technology out worldwide, enabling users to pay any way they want, and helping more businesses sell cryptocurrencies globally in minutes.