The UK’s Tech Industries Embracing Bank Transfers

Bank transfers have experienced a remarkable transformation in the UK over the past few years. What was once considered a slow and outdated payment method has become one of the fastest and most reliable ways to move money.

This shift has been driven by improvements in banking infrastructure, particularly the Faster Payments Service and Open Banking, which have turned bank transfers into a genuinely instant payment option. Where customers and operators once waited days for funds to clear, transactions now complete in seconds, making bank transfers a serious competitor to cards and other payment methods.

This evolution hasn’t just changed how people pay – it’s reshaped entire industries. Across the UK’s tech sector, businesses have adapted their models to take advantage of these faster, cheaper transactions. Here, we explore how four different industries have embraced this payment revolution and the tangible benefits they’ve seen as a result.

Online Casinos

The online casino industry has been one of the biggest beneficiaries of improved bank transfer technology. Players can now deposit funds instantly, and withdrawals arrive in their accounts within hours rather than days. This represents a massive shift from the previous norm, when players had to wait three to five working days for deposits to clear and even longer for withdrawal processing.

According to Banktransfercasino.co.uk, the leading resource for casinos accepting bank transfers in the UK, this change has been nothing short of transformative. Choosing to use a bank account has gone from being the slowest option to becoming many players’ preferred payment method. The appeal is straightforward: money moves directly from a player’s account to the casino and back again, without intermediaries or additional accounts.

For operators, the benefits are equally compelling. Transaction fees are significantly lower than card payments, and the surge in players choosing bank transfers has reduced overall payment processing costs. It’s a genuine win-win that’s changed the competitive landscape of online gambling payments.

Crypto Exchanges

UK-based cryptocurrency exchanges have reaped major rewards from instant bank transfers of late. The crypto market moves quickly, with prices fluctuating by the minute, so the ability to deposit funds immediately is crucial.

Faster Payments has eliminated the frustrating delays that once prevented traders from acting on opportunities. Instead of waiting days for a transfer to clear whilst watching prices move, traders can now fund their accounts and execute trades within seconds of deciding to buy or sell.

A good example of this in action is Coinbase, which partnered with ClearBank to enable UK customers to deposit and withdraw GBP instantly. This direct integration between traditional banking infrastructure and crypto platforms has made digital currency trading far more accessible to ordinary UK consumers.

The improved liquidity benefits both the exchange and its users, creating a smoother trading experience. It’s also reduced reliance on debit and credit card deposits, which carry higher fees and sometimes face restrictions from card issuers wary of crypto transactions. For an industry that thrives on speed and accessibility, instant bank transfers have been a game-changer.

Investing Apps

Retail investing platforms and trading apps have similarly embraced this revolution. Open Banking technology has allowed these platforms to offer instant account top-ups, removing the friction that previously existed with card payments or slower transfer methods.

For users who spot an investment opportunity or want to take advantage of a market dip, the ability to fund their account immediately can make all the difference. It’s turned these apps into genuine real-time investment tools rather than platforms where you have to plan deposits in advance.

In the case of Freetrade, there was a noticeable impact of adding instant bank transfers through Open Banking. According to the provider TrueLayer, the investment app saw average deposit values increase by 18% after implementing the feature, whilst overall deposit volumes jumped by 35%.

These aren’t marginal gains – they represent a fundamental shift in how customers engage with the platform. The figures suggest that when you remove friction from the deposit process, customers are more confident putting larger sums into their investment accounts and do so more frequently. Speed and simplicity clearly drive stronger engagement in the investing space.

Automotive Marketplaces

High-value transactions like buying or selling a car have traditionally involved considerable payment friction. Cheques can bounce, cash is risky for large amounts, and card limits often fall short of vehicle prices.

That’s why a bank transfer has always been the logical choice for automotive payments, but the days-long clearing times created anxiety for both buyers and sellers. Modern payment technology has solved this problem, with Open Banking and instant payment verification allowing automotive marketplaces to offer secure, immediate settlement.

A great example of this is with Cazoo, which partnered with TrueLayer in 2021 to provide instant payouts and refunds for vehicle transactions. According to a case study by Openbanking.org.uk, this eliminated the multi-day wait that sellers traditionally faced when offloading their cars. For buyers receiving refunds, the speed improvement was equally significant.

In an industry where trust is paramount and transaction values are high, the ability to verify and settle payments instantly has become a competitive advantage. It’s made the online car buying experience feel as secure and immediate as purchasing lower-value items, helping to drive the shift towards digital automotive marketplaces.