Solidi and Tink partner to launch instant account top-ups for crypto investors
We’re partnering with fast-growing cryptocurrency exchange Solidi to enable instant account top-ups through open banking, letting Solidi users add funds and start investing in seconds. This is powered by Tink’s new settlement accounts feature, a major upgrade of our payments stack that unlocks instant payouts and refunds, real-time payment confirmation, automated reconciliation, and more.
Tink is partnering with UK cryptocurrency exchange Solidi to bring instant payments settlements to crypto investors
Open banking-enabled account settlements are faster, safer, and more convenient than bank transfers
Settlement accounts is currently available in the UK
For Solidi, one of the first crypto exchanges approved by the UK’s Financial Conduct Authority (FCA), speed is everything. Solidi already lets users start investing in crypto in less than 2 minutes and is the only instant purchase exchange fully registered with the FCA. By partnering with Tink, Solidi can take advantage of the core benefits of open banking payments – low transaction fees and reduced operational overhead – while continuing to offer instant account top-ups. Solidi receives a real-time payment confirmation with the funds settled to a dedicated, Tink-managed merchant account.
Many crypto exchanges still only accept manual bank transfers or card payments when it comes to ‘on-ramping’, or buying crypto. Both options are less than ideal for the user, and result in additional costs and work for the exchange. Card payments can take up to four days to settle, are costly to process, and come with an increased fraud risk. They’re also prone to user errors, since you need to manually punch in your card details.
Speedy and secure settlements
There’s a higher level of security with traditional bank transfers – and funds typically settle faster, depending on the payment scheme – but they require the user to enter their banking environment and make the transfer manually. In practice, this means switching back and forth between a browser and mobile app, copying and pasting multiple lines of data, and hoping you don’t make an error. For Solidi, this was an obvious potential friction point in what is otherwise a quick and painless process to start investing.
Speed is critical to user adoption and the overall experience when it comes to financial services, and crypto is no different. A lengthy wait to start investing or withdraw funds can easily cause frustration and customer churn. Solidi’s partnership with Tink means end-users will be able to top up their account and start investing instantly, without the friction of making a manual bank transfer. Settlement is immediate and aggregated, so Solidi can keep their payment operations simple. And there’s a lower burden on customer support – since payment details are pre-populated, there’s no need to troubleshoot user errors.
For a frictionless user experience
‘We are excited about this new partnership with Tink. As we strive to be at the forefront of innovation, providing Solidi customers with a completely seamless experience when investing in crypto is key,’ said Jamie McNaught, CEO and co-founder of Solidi. ‘Tink's open banking payment system is the obvious choice for our customers – it takes our already instant onboarding experience and adds easy, frictionless payments – enabling anyone to invest in their first crypto in less than two minutes.’
‘For Solidi, Tink’s new settlement features reduce integration and operational costs, as well as the time to market. Unlike other open banking platforms, Tink enables us to perform payment initiation and settlement using a single API from a single provider.’
Tom Pope, Head of Payments and Platforms at Tink, commented: ‘The arrival of settlement accounts in the UK means that our partners can now enjoy the full time- and cost-saving benefits of real-time bank payments more easily. We already enabled instant, seamless pay-ins that reduce friction for the end-user, and now we’re removing friction for merchants with the ability to receive a real-time payment confirmation, and automate manual processes like issuing refunds and payouts or reconciling payments. This has the potential to be a game changer for merchants by unlocking the full value of open banking payments for key use cases like ecommerce and crypto. We are proud to partner with Solidi as our first instant settlement account customer in the UK.’
Solidi has already started rolling out Tink-enabled instant payments in the UK, and we’re excited to see this partnership grow in the coming months. It offers a great example of how open banking payments can help crypto exchanges – and trading and investment platforms generally – level up their user experience by creating a fast, secure, and frictionless way to onboard and start investing.
Curious about what open banking could do for your business? Take a look at our partner use cases.
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