San Carlos, United States and Stockholm, Sweden, May 25, 2021 — Trustly, the global leader in Online Banking Payments, is excited to share two key announcements that together will drive the evolution of Open Banking in North America.
Trustly has joined the Financial Data Exchange (FDX), a non-profit dedicated to unifying the financial industry around a common technical standard for secure, convenient, and transparent consumer access to financial data. Its membership comes at a crucial time, as the new Biden administration in the US has indicated strong interest in regulating Open Finance and as Canada is scheduled to make decisions to regulate Open Banking by the end of 2021.
For the past 13 years, Trustly has been at the forefront of Open Banking in Europe, successfully contributing to the implementation of PSD2. Through its involvement in FDX, Trustly will now be able to lend its experience and play an equally significant role in shaping Open Banking in North America.
Don Cardinal, Managing Director, Financial Data Exchange, says: “As a leading provider of Online Banking Payments, Trustly will be a valuable addition to the FDX family. Like many of our members, Trustly’s provision of fast, simple and secure transactions while keeping the consumer in control is very much in line with FDX’s five core principles of data sharing. Trustly will provide our ecosystem with valuable insights as the financial services market unites around modern, secure and interoperable data sharing standards.”
To further drive development, Trustly has hired Ian Macallister as Vice President of US Open Banking. Ian has more than 20 years of experience in payments, banking, and the fintech industry, previously having held leadership roles within corporate development and strategy at Wells Fargo, and more recently, executive positions at Early Warning Services, the network operator behind ZelleⓇ.
Craig McDonald, Chief Business Officer of Trustly, Inc., says: "We are thrilled to welcome Ian, who brings with him a wealth of knowledge and trusted connections within the banking and payments ecosystem. His expertise will be invaluable as Trustly continues to build the leading global Online Banking Payments network, helping to pave the way for Open Banking in the US and Canada.”
Founded in 2008, Trustly is the 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 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.