Trustly and Nordnet Team for Easier Retail Investor Deposits

Swedish FinTechs Trustly and Nordnet have teamed to offer retail investors easier deposits.

The companies say their partnership allows for pay-ins via Trustly — a payments platform for digital account-to-account transactions — allowing customers on the savings and investment platform Nordnet to deposit funds quickly, securely and with a better user experience.

“Enabling Trustly pay-ins will provide capabilities to offer instant deposits across the entire Nordic region — even in markets where instant payments are not available, all with one single integration,” the companies said in a Tuesday (Jan. 24) news release.

“Since partnering with Trustly, Nordnet’s customers are now able to instantly make large deposits in a few simple steps without needing to navigate away from the Nordnet webpage.”

The company said Trustly pay-ins are now live in Sweden, with the service due to launch in Norway in the first quarter of this year, and in Denmark and Finland later in the year.

Nordnet Chief Product Officer and Deputy CEO Rasmus Järborg said Trustly’s “technology and customer focus” made it a good fit for his company.

“After opening an account on Nordnet’s platform, customers need to deposit money before they can start their investment journey,” he said. “Finding a quick and smooth way of doing this is therefore core to the experience.”

PYMNTS spoke with Trustly founder and CEO Alex Gonthier in November about the promise of Pay by Bank.

Some verticals, Gonthier told PYMNTS’ Karen Webster, are proving to be notably strong markets for Pay by Bank, such as sports betting, where card declines are typically higher than in other verticals.

“We are the number one payment method in this space, with the right product at the right time and in the right place,” he said.

The enterprise segment has also been a strong market, as have the insurance and tuition payment sectors. Trustly powers the billers, reduces their operational costs and appears on the “payment lineup” of a biller’s website or app, Gonthier added.

As PYMNTS noted in that article, there’s a lot of opportunity in the U.S. for paying for purchases directly from a checking account through an online bank transfer to gain traction.

PYMNTS research shows that 30% of consumers are interested in trying new payment methods. Meanwhile, two-thirds of consumers who are interested in trying new payment methods said they were “very” or “extremely interested” in using online bank transfers.

While 37% of consumers overall had used the method to pay a bill in the preceding month, only 1 in 10 have used their accounts to pay a merchant.