Trustly Says New Products and Partnerships Drive Pay-by-Bank Growth

Pay-by-bank solution provider Trustly reported Monday (June 30) that its total payment value increased by 54% year over year in 2024, driven by new products and partnerships in North America and Europe.

The firm’s total payment value reached $85 billion, up from $55 billion in 2023, according to a Monday press release.

“Strategic partnerships have been critical for Trustly,” Trustly Group CEO Johan Tjärnberg said in the release. “In Europe, our ongoing collaboration with [His Majesty’s Revenue and Customs (HMRC)] strengthens our public sector leadership. In North America, expanded engagements with financial institutions and gaming providers highlight the strength and adaptability of our risk engine.”

Trustly processed 1.3 billion HMRC payments totaling 4.7 billion pounds (about $6.4 billion) in January, according to the release. The company also added new clients in Europe in 2024, including Lenovo, foodora and ITV.

The company’s collaborations in North America include BNY’s Bankify, Newline by Fifth Third, Coinbase, IGT, Light & Wonder, and an expanded partnership with Cross River Bank that now includes the FedNow® Service in addition to the RTP® network, the release said.

On the product front, Trustly launched its artificial intelligence-powered recurring payments solution in June 2024, saying that a single integration enables merchants to accept repeat transactions directly from customers’ bank accounts, per the release.

“By eliminating friction in repeat transactions, we’ve enabled merchants to better serve their customers and capture more revenue,” Tjärnberg said in the release. “Similarly, our proprietary data engine, Azura, is driving higher engagement and conversion — proof of our innovation’s tangible impact.”

The PYMNTS Intelligence and Trustly collaboration “Consumer Sentiment About Open Banking Payments” found that 11% of consumers in the United States use open banking payments and another 46% said they would be highly willing to do so.

Interest in the payment method is especially high among younger consumers, with 66% of millennials saying they would be highly willing to use open banking payments for at least one product or service, according to the report.

For merchants, part of the appeal of pay by bank is that they can save roughly 1.5% that they pay on the cost of payment processing, Trustly founder and CEO Alexandre Gonthier told PYMNTS in an interview posted in February.

“Open banking gives us granular visibility into a consumer’s risk profile, and that gives us the ability to compress the pricing that merchants are charged,” Gonthier said.

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