By combining Trustly’s global payment method with SlimPay’s platform for recurring payments, the two companies aim to create a new and exceptional payment experience in the region, they said in a Tuesday (Aug. 29) press release. The transaction is subject to customary regulatory approvals.
This collaboration will facilitate error-free payment registration, improve conversion rates and offer greater flexibility for consumers, according to the release. It will enable customers to easily pay bills, subscribe to services and choose flexible payment plans.
Trustly’s account-to-account (A2A) technology, along with SlimPay’s Single Euro Payments Area (SEPA) direct-debit capabilities, will create an intuitive payment process for consumers, the release said.
In 2022, Direct Debits totaling over 10 trillion euros ($10.8 trillion) were collected across Europe, with 80% of these transactions occurring in markets where Trustly and SlimPay have combined operations. This collaboration will enhance Trustly’s existing modern Direct Debit capability in the U.K. and Sweden and provide a comprehensive pan-European recurring payments service.
This acquisition comes shortly after the successful launch of Trustly Azura, a new technology and data engine that enhances the payments experience through personalization and data optimization, per the release. By integrating SlimPay’s recurring payments and sophisticated data interface, Trustly expects to further accelerate the rollout of Azura.
Johan Tjärnberg, Group CEO of Trustly, said in the release that SlimPay’s SEPA solution for modern Direct Debit, combined with Trustly Azura’s optimized experience, will revolutionize the recurring payment experience.
“The addition of SlimPay is fully in-line with Trustly’s strategy to offer a unique 360 degrees embedded experience across all types of digital payments,” Tjärnberg said.
Jerome Traisnel, CEO of SlimPay, added that the partnersip with Trustly will bring a streamlined payment experience to the European recurring payments space. They aim to create an unrivaled network of merchants and consumers across the entire repeat payment economy, building an innovative and comprehensive platform across Europe.
Open banking payments have the potential to revolutionize the way consumers transact by providing them with a seamless and personalized payment experience, Trustly Founder and CEO Alexandre Gonthier told PYMNTS’ Karen Webster in an interview posted in July.
“Fundamentally, [open banking] is an easy process where you just have to sign into your bank and that’s it,” Gonthier said. “You don’t need a card, you don’t need your bank account and routing numbers, you don’t need to fill out a bill or ship-to form because it can be done automatically for you.”