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Winning with Open Banking Payments in the UK

As consumer awareness and adoption of Open Banking Payments is booming, Trustly is helping operators provide winning customer experience in the UK. 

 

Key takeaways 

  • UK Conversion rates hit an all-time high and continue to grow 
  • Instant one-click payouts available for all customers of the major UK bank
  • Seamless payment execution optimized with biometric authentication on mobile devices
  • Recognition of the Trustly logo get a big boost from West Ham United partnership

 

Over 2.5 million UK bank customers have connected their accounts to trusted third parties like Trustly. That's according to data from the Open Banking Implementation Entity (OBIE) published in January 2020, and those numbers are increasing every day.

At Trustly, we can testify to this fast-growing adoption. Our numbers on both pay-in conversion and initiation have skyrocketed over the past year. Our conversion rate in Q1 2021 was nearly 85% with 80,000 deposit orders completed between January and May 2021 — and we are sure to see continued growth in the second half of the year.

Most of the major gaming operators in the UK have trusted us as their Open Banking provider, and we are dedicated to supporting these partners through continual product optimization. 

 

 

Trustly provides unrivaled coverage and services in the UK
Trustly has been present in the UK since 2016 and now we are more accessible than ever. Today, we support the 15 major banks in the UK, adding up to an estimated market share of more than 99 percent. 

By delivering a complete solution that consists of KYC, deposits, payouts and reconciliation, we help operators fill in the blanks left by Open Banking APIs and API aggregators. 

With our instant, one-click payout solution, players in the UK and across Europe can receive their withdrawals right back into their bank account, usually within just a few seconds' time. It’s important to note that currently, no other Open Banking vendors in the UK or anywhere else in Europe have the capability to offer payouts with our level of coverage.

After 13 years of serving the gaming industry, we have been able to develop value-added services that serve the specific needs of operators. That includes a sophisticated back office solution that supports advanced reporting and reconciliation functions, something that our competitors don't currently offer.

Optimizing experiences for players in the UK

Recent improvements in product performance is one reason why our conversion is way up in the UK. We have been closely following the updates of the UK PSD2 integrations and are continuously optimizing our integrations accordingly. 

We have further optimized the user journey by introducing a new checkout/cashier for many of our UK merchants. Now, operators can add their logo on the deposit confirmation screen, supporting the player's brand experience. 

Additionally, a recurring user deposit flow has been enabled on all UK integrations to provide a simplified payment journey and improved UX. The first time a player uses Trustly, they need to go through a few mandatory steps to opt-in to our services. Each subsequent transaction is simplified.

Trustly enables seamless SCA as cards face more friction

At the start of 2021, Strong Customer Authentication (SCA) became obligatory for card payments. Two-factor authentication (2FA) has always been a native part of the Trustly flow, so we have not needed to adjust anything, though players who want to deposit with their bank card now face some significant friction. 

To make a deposit with a card today, players need to first enter the card details and then perform a 2FA procedure, the form of which varies by bank (that's all after they've gone through KYC and registration, of course). 

With Trustly, the KYC and deposit happen in one seamless flow — and all account information is filled in automatically. Players are then able to use their bank’s app to authenticate themselves, without disrupting the payment journey. 

With the implementation of the Open Banking APIs, players in the UK can now use biometrics such as fingerprint and face ID to perform 2FA. Using their bank app's biometric authentication not only increases consumer trust, it also provides the fast and simple UX players want. 

Even if they are playing on their desktop (rather than their mobile), the Trustly SCA process is seamless. Trustly supports a fluid and intuitive desktop-to-mobile handover, so players can say goodbye to multiple tabs and redirects, ensuring an optimal experience.

 

Fortifying consumer trust and strengthening fraud prevention

Part of gaining consumer confidence is providing a trustworthy product. According to Trustly research, when a consumer decides to try a new payment method, security and regulatory oversight are amongst their biggest concerns. 

As part of our consumer outreach, we are emphasizing our commitment to security and data protection. That includes the fact Trustly never stores any data that can be used to access funds in the customer’s bank account.

As part of our commitment to supporting operators’ payment optimization and compliance processes, we continuously monitor and respond to changes in local regulations. This helps operators stay ahead of the data protection curve, especially when entering a new market.

Driving consumer awareness with West Ham United

In February 2021, we were happy to announce that Trustly is now the Official Open Banking Partner of the Premier League’s West Ham United Football Club. 

Trustly will have a visible presence across the Club’s growing digital channels throughout a multi-year partnership. During matches, the Trustly logo is now displayed on the LED perimeter advertising system that surrounds the pitch at London Stadium.

Trustly is committed to building stronger bonds with sport fans in 2021, and our partnership with this leading Premier League club is catching the attention of millions across the UK and the world. This increased visibility is sure to improve player recognition of our logo in the cashier. 

In addition to working with all the major gaming operators in the UK, we are also actively engaged with British merchants in e-commerce, travel and financial services. We have found that once consumers try Trustly in one setting, a stickiness is created and they choose Trustly again when they have the chance. 

 

Want to learn more about our efforts in the UK or any of our solutions for gaming operators? Please get in touch

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