Case Study: Smarkets enables instant deposits and cuts transaction costs with TrueLayer Payments API

Smarkets Enabling instant deposits with open banking

Smarkets, a peer-to-peer betting exchange, needed to remove cost and friction from deposits that were slow to reconcile and expensive via cards or e‑wallets. To give customers instant access to funds and regain transparency and control, Smarkets partnered with TrueLayer and adopted their Payments API.

TrueLayer’s Payments API enabled direct bank‑to‑bank top‑ups with bank‑level authorisation (no card details or shared credentials), locked deposit references for simpler reconciliation, and cut out intermediaries to reduce fees. The result: instant deposits versus up to six days with other providers, £4M+ processed with significant cost savings thanks to TrueLayer’s low fixed fees, and faster access to funds for users.

Smarkets

Cicely Robinson

Data Scientist