San Carlos, United States and Stockholm, Sweden, 20 September 2021 – Today Trustly, the global leader in Online Banking Payments, launches Instant Payouts in the United States. In partnership with Cross River Bank, Trustly’s technology platform enables US businesses to provide their US customers with near-instant payouts to their bank accounts.
Trustly has been offering Instant Payouts to businesses in Europe for more than a decade, and now the company is thrilled to be extending its offering into the US, made possible by its relationship with Cross River, an early participant in the RTP® network, a new real-time payments rail built by The Clearing House. Cross River’s API-based platform connects directly to the network and provides backend technology to support advanced capabilities and enhancements for its partners. Businesses using Trustly’s Instant Payouts can fund payments directly with Cross River and the bank will send RTP payments on behalf of these businesses to their customer’s bank accounts at other RTP participants.
For businesses, Trustly’s Instant Payouts can drive increased satisfaction and retention among their customers, and also enable funding of payments via the product’s 24/7/365 withdrawal system.
The product will now be available for US businesses such as trading companies, insurance companies, sportsbooks and marketplace providers that want to offer disbursements instantly to their customers’ bank accounts through RTP payments sent by Cross River Bank on behalf of the businesses.
Alice Chen, Vice President, Product at Trustly, says: “Our customers asked and we listened. We’re now thrilled to be able to deliver Instant Payouts to our loyal customer base, in addition to our payment and data services products that they already love and trust. This cutting edge innovation wouldn’t be possible without Cross River Bank and The Clearing House’s RTP network.”
Keith Vander Leest, Director of Payments, Cross River Bank, says: “Cross River is always looking for ways to power partners and provide them with new opportunities as they grow to serve millions of end users. We’re proud to be part of this strategic partnership with Trustly that will benefit merchants operating across a variety of industries, including trading, insurance, sportsbetting and marketplaces.”
Bijan Chowdhury, Senior Vice President of Technology and Innovation at The Clearing House, says: “The RTP network provides a platform for financial institutions and their corporate users to create innovative new payment products for their customers. Trustly’s partnership with Cross River Bank to deliver Instant Payouts to US businesses and Cross River Bank’s use of the RTP network to send instant payments to the the businesses’ customers illustrates the power of the RTP network to boost innovation in the payments industry.”
Founded in 2008, Trustly is a global leader in Online Banking Payments. Our digital account-to-account platform redefines the speed, simplicity and security of payments, linking some of the world’s most prominent merchants with consumers directly from their online banking accounts. Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to the traditional card networks at a lower cost. Today we serve 8,100 merchants, connecting them with 525 million consumers and 6,300 banks in over 30 countries; and in 2020 we processed over $21 billion in transaction volume in our global network.
Trustly has more than 500 employees across Europe, North America and Latin America. We are a licensed Payment Institution under the second payment services directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the US, we are state regulated as required to serve our target markets. Read more at www.trustly.com.
About Cross River Bank
Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.
About The Clearing House
The Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. Most recently, The Clearing House has revolutionized U.S. payments infrastructure with the RTP® network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org.