Trustly, Gr4vy Ink Deal for Open Banking Payment Services

Global open banking account-to-account transaction provider Trustly has formed a partnership that will see it added as a payment option on cloud-based payments platform Gr4vy, according to a Tuesday (June 28) press release.

The arrangement will give merchants that operate on the Gr4vy platform a less expensive way to accept payments and to do with a higher approval rate than with traditional platforms, Trustly said in its announcement.

The Trustly Open Banking system lets consumers use online banking login credentials through retailers’ websites to make payments from their bank accounts without ever leaving the retailers’ sites.

“(It’s) an incredibly simple and safe way to pay directly from their bank account,” Ross McFerrin, vice president of enterprise growth at Trustly Americas, said in the announcement.

Gr4vy founder and Chief Executive John Lunn said in a prepared statement: “With consumers increasingly using alternative payment methods, offering the right mix is essential as merchants continue to grow and stay competitive.”

Trustly, which was founded in 2008, works with 8,100 merchants to connect them with 525 million consumers and 6,300 banks in more than 30 countries, the company said in the announcement. Globally, Trustly’s network processed more than $28 billion in transactions in calendar 2021, according to the company.

Gr4vy offers customers a no-code dashboard to centralize integration and management of payments and transactions, per the release, and features an orchestration layer to upgrade merchants’ payment stacks.

Read also: Trustly Acquires Ecospend

Trustly announced in late May that it had bought open banking platform Ecospend to expand its offerings in the United Kingdom. Trustly Chief Executive Johan Tjärnberg said at the time that the companies would be a good fit because together they will “deliver a market-leading product in the U.K., allowing us to capture opportunities and accelerate our current U.K. expansion.”