Trustly has been providing payment gateway software to enterprise-level businesses since 2008. Trustfully has been present. This product, developed by the same-named Swedish fintech company, allows users to make online money transfers. This product does not require the use of an app or a card. The company offers this service through the London-based Wise and PayPal.
Trustly enables payments to be made directly between accounts in a seamless manner. It simplifies the process of creating invoices, increases the efficiency of refund procedures, and makes one-click and recurring payments simple. Companies that use it have the opportunity to expand their access to a variety of markets due to its extensive bank network.
The Truth About the Past
When Trustly was founded in 2008, it was known as Glue Finance, and it signed contracts with its first group of retailers that same year. Its team began working on the platform’s second generation in 2009, and it was finally released to the public in 2011. At the time, the company had already passed the milestone of processing over one million transactions per year and had opened its first international office in Malta. After another three years, Trustly had surpassed the ten million user mark and formed strategic alliances with both PayPal and Groupon.
This Swedish company began offering its Pay N Play online payment solution in 2016, and the following year, it was ranked 242 on the Financial Times’ list of the 1000 fastest-growing companies in Europe. Over the course of its existence, Trustly has been able to secure many deals from investor consortia, and the company plans to expand its operations into both Canada and Australia by 2020.
How does the Trustly platform work?
Trustly is an online payment service that lets you send money directly from your online bank account. You only need a BankID to access it; no user name or password is required. It allows users to pay directly from the Trustly interface, which handles transfers between their banks. This means that it completes and clears the transfers that occur between financial institutions. The service employs open banking, which is a secure method for customers to share financial information with other service providers or retailers.
Over 90% of all transactions are completed instantly when this method is used. Smaller banks that are part of this network, on the other hand, may spend one to two days processing. Users will be able to view the specifics of any payments they have made using this payment option on their banking reports.
Trustly is a licensed institution that is supervised and authorized by the FI (Swedish Financial Supervisory Authority), which is part of the Swedish Ministry of Finance. Furthermore, it is a well-known provider of payment services in Europe.
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Attributes of Trustworthiness
Trustly, as previously stated, is a sophisticated payment gateway with features such as customizable invoices, custom checkouts, recurring billing, ACH payments and eCheck processing, split/real-time payments, and many more.
Some of its security features include fraud protection, two-factor authentication, data tokenization, and PCI compliance. Accounting and e-commerce software integration, as well as an API and the ability to customize the layout, are all included. We serve the following regions and industries:
This service is currently available in 31 countries, with a total customer base of 525 million people. It connects 6,300 different banks, and its services are used by 8,100 different retailers.
Trustly has gained a lot of traction in the online gambling industry because it allows for quick withdrawals for iGaming. Users do not need to create an account to participate in casino-style games that can be played for real money because it uses the Pay N Play system. Trustly is well-known in the travel industry for its ability to process transactions in multiple currencies. It is also expanding its presence in the e-commerce sector.
The Benefits of Using Trustly in Your Business
According to studies, approximately 48% of customers will abandon online purchases if they encounter complicated checkout processes, and 72% of customers prefer to use an online banking method when shopping online. Customers essentially want things to be simple, quick, and dependable. These are the services that Trustly provides.
It offers a high level of security, is accepted by the vast majority of major banks, allows for online shopping, gaming, and financing, and the vast majority of financial transactions are completed instantly. It accepts a wide range of currencies, and the payment algorithm changes depending on which currency you choose to use. The rates of all transaction fees are completely transparent. Keep in mind that while the service does not charge fees, financial institutions can and do.
Sincere and Trustworthy Criticism
Trustly was previously reprimanded for accessing user information in ways that went beyond what was necessary for the processing of payments. When PayPal switched to Trustly’s system in Poland in 2016, several websites found out that the policies they had in place regarding the disclosure of credentials to third parties were in violation of the terms and conditions imposed by PayPal.
Trustly defended itself by asserting that its practices are not controversial and that it accesses information in the same way that banks do. The Swedish Financial Supervisory Authority is continuously monitoring all of its operations to ensure that they are carried out by the procedures that are standard for the banking industry.
Over the course of the past decade, there has been an extraordinary expansion in people’s levels of trust. The Swedish company disclosed in April that it planned to submit an application to list its shares on the Nasdaq Stockholm exchange in the not-too-distant future.
The company is expected to have a market valuation of approximately $11 billion; this figure is equivalent to a 60-fold multiple of the company’s core earnings forecast for 2022. Industry analysts anticipate that the company will be acquired by another company. In a market that is currently undergoing a period of significant expansion, trust is regarded as an extremely valuable asset. It has a track record of ten years, it is a quick and reliable method of payment, and it is gaining popularity as a result of these attributes.