Trustly, the global leader in online banking and payments, and Payrailz, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, have joined forces to more efficiently deliver Open Banking to consumers in the U.S. Both companies have experienced phenomenal growth in recent years and believe in the potential of and opportunity in Open Banking.
Consumers rightly expect new financial services to be easy and enjoyable to use. Every progression of financial technology has improved the customer experience. For example, online banking was an improvement to commercial banking, offering consumers more convenient and accessible services. The same is true for the rise of Open Banking, a modernized, secure way for consumers to take control of their financial data and share it with third-party organizations.
Open Banking & Improving the Customer Experience
There are many ways that the Open Banking model improves the customer experience and reduces friction in each step of the online journey. In Open Banking, the customer is placed at the center and given complete control of their financial operations including deposits, payments, investments, loans, etc.
While older banking models have difficulty meeting the needs of customers who want to access new financial tools, Open Banking APIs can augment compatibility and democratize financial wellness.
Open Banking also brings payment benefits, as well. While financial institutions have often been plagued by settlement and wait times, Open Banking has the ability to deliver funds instantly.
Similarly, most credit cards add friction to the checkout process and were not built for a digital-first world, but Open Banking payments simply require a bank account login.
Collaboration & Innovation Drive Open Banking Forward
For Payrailz, a partnership with Trustly means continued progress on the accessibility of Open Banking for U.S. consumers and increased opportunity for the two companies to add simplicity and value to the lives of consumers. Payrailz uses AI and machine learning to bring a unique payment experience to consumers, while making it easier for the financial institution to demonstrate the value they can provide in a banking relationship.
“We couldn’t be more excited about working with Trustly. We are always looking for new and better ways to reduce friction for bank-to-bank transactions and are proud to partner with a provider that aligns with our goals and shares our passion for helping financial institutions better serve consumers,” said Gereen Langmeyer, VP, Product Management, Payment Products at Payrailz.
For Trustly, collaboration with Payrailz seemed like a natural union. “Strategic and symbiotic partnerships are key to expanding Open Banking in the U.S. and globally,” says Craig McDonald, Chief Business Officer at Trustly. “That’s exactly what a Trustly-Payrailz partnership achieves.”
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 8,000 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 600 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.
If you would like to know how Trustly could help your business grow, please reach out to us at firstname.lastname@example.org.
Payrailz is a digital payments company offering advanced payment capabilities and experiences including consumer and business bill pay, external and internal transfers, new account funding, P2P, B2B, B2C and other related solutions to banks and credit unions. In a society that increasingly has become focused on a “do it for me” culture, Payrailz’ smart technology makes the difference. Payrailz creates smarter payment experiences for the financial services industry that are predictive and more engaging than currently available alternatives. Financial institutions can confidently embrace Payrailz’ API-first and cloud-native technology engine, to offer unique payment solutions to their consumers and businesses. Payrailz helps financial institutions meet the payment expectations of today and the payment innovation needs of tomorrow.
For more information, visit payrailz.com, follow them on Twitter @Payrailz, Facebook or LinkedIn, or contact Mickey Goldwasser at 860.430.9245.