Coinbase has announced the launch of Easy Bank Transfers, making it one of the first major crypto platforms to offer rapid, Open Banking powered payments.
Users can now link their bank account directly to Coinbase and begin making near-instant deposits, securely, and without the need to manually enter their bank account details. The move is expected to significantly reduce the risk of errors and failed payments that arise from manual data entry, save time, and provide Coinbase customers with an overall more convenient way to move their funds.
Now, by selecting the Easy Bank Transfer option when adding funds to their account, users can authenticate their payment directly from their mobile banking app, confirm their payment, and then be redirected back to Coinbase for an improved user experience. Funds arrive in their account within minutes, enabling them to put their money to work right away.
Coinbase has used the payments infrastructure offered by Europe’s leading Open Banking provider, TrueLayer, to make its Easy Bank Transfers available in the UK, where over six million people regularly rely on the technology to manage their finances.
Easy Bank Transfers will become available to all UK users within the coming weeks.
Daniel Seifert, Regional Managing Director – EMEA, Coinbase, said: “Coinbase’s mission of increasing economic freedom in the world means making it easier, safer and faster for customers to interact and engage with the cryptoeconomy, reducing the frictions of today’s banking system. We’re therefore very pleased to be partnering with TrueLayer to be able to offer our customers fast, secure and convenient in-app deposits.”
Francesco Simoneschi, Co-Founder and CEO at TrueLayer, said: “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. 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.
“That’s why we’re excited to be working with Coinbase, to make investing in crypto faster, easier and more customer-friendly. With this collaboration, Coinbase is once again proving to be the market innovator by enhancing its fiat on and off ramps. As more investors become familiar with the benefits of open banking, Coinbase is in a prime position to win an even greater market share in the UK and Europe and we’re proud to be on that journey with them.”