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Trustly Integrates MX Data Enhancement Services Into Open Banking Products

Trustly has integrated MX Technologies’ data enhancement services into its open banking product suite.

With consumer-permissioned transaction data that has been cleansed and categorized, Trustly merchants will be better able to make marketing offers, loyalty programs and risk decisions that are informed by consumer spending behaviors, the companies said in a Tuesday (Feb. 6) press release emailed to PYMNTS.

“We are continually focused on how we can enhance value for our merchants and ultimately, their consumers,” Trustly CEO Alexandre Gonthier said in the release. “With MX, we found a partner that not only delivers world-class data enhancement solutions but shares our commitment to improve consumer experiences.”

Trustly enables merchants to accept pay-by-bank payments from consumers, according to the release. This payment method is convenient, low cost and data rich.

MX’s data enhancement services better equip merchants to use that data to deliver personalized experiences, streamlined processes and customized offers to consumers who share their data, the release said.

“Data without context is meaningless for organizations and consumers,” MX CEO Jim Magats said in the release. “With our comprehensive suite of data enhancement services, MX turns raw, and often indecipherable, transaction data into simple, human-readable descriptions, making it easy to identify, organize and act on financial data.”

Merchants are increasingly exploring pay-by-bank and other alternative payment methods to achieve efficiency and alleviate the rising cost of card processing, Clark Dumas, head of merchant success at Trustly, wrote in the PYMNTS eBook, “2023: The Year of Strategic Shifts in Business.”

“The sentiment will be furthered by four other trends helping to garner popularity for pay-by-bank: the unending toll swipe fees have on merchant revenue; innovation in real-time payments and the continued excitement around the FedNow® Service; the desire for more value in payment processing; and an increasing interest in micropayments as a way to enhance subscription-based revenue models,” Dumas wrote.

In another recent partnership, Trustly teamed with BNY Mellon in September to launch Bankify, an open banking payments solution that helps “organizations receive consumer payments from bank accounts, with a seamless user experience and that offers guaranteed funds for business receivables.”