Trustly

Trustly Group

Trustly Group is a Swedish-born fintech company and online payment solutions provider. Trustly’s services are built on the open banking framework, which allows merchants to provide instant bank-to-bank transactions with watertight financial security. Governed by the Swedish Financial Supervisory Authority, Trustly is used on a global scale by thousands of merchants and powers millions of payments, including services such as PayPal.

Trustly allows merchants to facilitate transactions with their customers’ bank accounts via the bank or financial institution’s API (Application Programming Interface). The API checks customer details match before approving or refusing the requested transfer of funds. The process is carried out by way of notification without sharing sensitive data, providing a safe and reliable service.

Having built its service to a considerable presence in Europe, Trustly achieved global status in 2021, expanding its portfolio of instant banking products into the United States in a partnership with financial services organisation Cross River Bank. In a press release on the company website, Vice President of Product at Trustly, Alice Chen said:

“Our customers asked and we listened. We’re now thrilled to be able to deliver Instant Payouts to our loyal customer base, in addition to our payment and data services products that they already love and trust. This cutting-edge innovation wouldn’t be possible without Cross River Bank and The Clearing House’s RTP network.”

Keith Vander Leest, Director of Payments at Cross River Bank replied: “Cross River is always looking for ways to power partners and provide them with new opportunities as they grow to serve millions of end users. We’re proud to be part of this strategic partnership with Trustly that will benefit merchants operating across a variety of industries, including trading, insurance, sportsbetting and marketplaces.”

Given the fast-paced nature of gambling, and the player demand for fast deposits and withdrawals, instant banking products like Trustly have witnessed increasing demand. As a result, Trustly payment processing has become highly sought-after, and in some cases, a must-have service for casinos and players alike.

All the recommended Trustly Casino Sites 2024 can be found at the beginning of this page.

How Does Open Banking Work?

Open Banking is a technological framework that enables seamless bank transactions and customer verification using Application Programming Interfaces. As the name suggests, an API allows a service provider, in this case, Trustly, to design and program payment gateway solutions. The bank or financial institution API acts as a communication portal to check information before facilitating a real-time transfer.

The bulk of the process is carried out by the API, which operates in conjunction with approved payment service providers like Trustly. Furthermore, with customer permission, a request for useful details can be approved, allowing Trustly to transmit basic information to a merchant for services like customer verification, automated goods despatch, or customer account creation.

A Short Guide to Using Trustly

At the checkout, choose Trustly as your payment option. First-time users will choose their bank from a list before using their online banking credentials to log in. In some cases, your bank may require two-factor authentication as an extra security layer before approving the Trustly service for use. Upon completion, the merchant is paid, or, using online casinos as an example, the balance is updated to show the newly deposited amount.

Upon returning to use Trustly again, a streamlined login will enable a more efficient process of approval with your password. When making a withdrawal at a casino cashier, select Trustly, choose the amount you wish to withdraw and approve the transfer. Providing your account is fully verified and the request has passed casino approval, funds will arrive almost instantly.

The Rise of Trustly Pay N Play Casinos

Pay N Play Casinos have become known as one of the fastest and most convenient ways to deposit, play and make a withdrawal. Trusted, secure, and built on a state-of-the-art financial framework, Pay N Play accelerates money transfers and is payment processing at its quickest. Over the last few years, a new breed of casinos built on Pay N Play have entered the fold.

Aside from the obvious advantages of instant banking, a Pay N Play casino has no need for a registration process to onboard players. Joining a Pay N Play casino is as easy as choosing the amount you wish to deposit on the casino home page, and approving the payment. The Pay N Play service automatically creates your casino account and meets standard KYC (Know Your Customer) licencing requirements with automatic customer verification.

Although the Pay N Play service is delivered at lightning speed, casino withdrawals may be subject to a checking period by the financial department. While payments via the Trustly service are instantaneous, the speed of withdrawals can vary from one casino to another and will depend on operational procedures or the verification status of your casino account.

Still, Trustly can be used by casinos for automated withdrawals, and have winnings in your account before you have time to check. At their optimal best, Pay N Play casinos deliver instant registration with no need to set up an account and express deposits and withdrawals in a matter of seconds for a payment experience that is second to none.

Photo Courtesy of Khachik Simonian on Unsplash

The old review:

Find a Trustly Casino Site at GamblingBulldog!

Known as one of the fastest and simplest ways to pay directly from a bank account, Trustly rises nonstop. Trustly is also one of the most secure payment methods that European customers like to use whether they are shopping or make deposits on online casinos. All they have to do is choose Trustly as their payment method, select their bank, and then log in their account. After checking the details and amount of payment, they just have to confirm the payment and that’s it.

Their cash will be sent instantly to the shop or any affiliated casino they want to make a deposit. What’s more interesting about this service is that it allows users to choose their preferred authentication method. Thus, they won’t have a problem confirming every transaction they need to make. Trustly users have more freedom when it comes to handling security measures of their account.

About Trustly

Trustly Group AB or Trustly for short is an authorized Swedish payment institution. It operates under the supervision of the Swedish Financial Supervisory Authority which is also known as Finansinspektionen. The company provides payment services that meet the strict rules and regulations under the Payment Services Act (2010:751). It can also provide cross border payment services within the European Union or European Economic Area.

The beginning

Basically, Trustly began in 2008 with a vision to create a world where online payments are “fast, simple, and secure”. This was not only meant for merchants but also for consumers and banks in the industry. The idea of this payment method came from the way cash was used a long time ago. As the company stated, “cash was king” hundred years ago. People back then got paid with cash which they carried in their wallets and used to buy things at local stores. In other words, payment was indeed quick and easy.

But now, many employees’ salaries are deposited straight to their bank accounts. Whenever they need money, they just have to withdraw cash or use their card to pay local and online stores. However, paying directly from a bank account still face issues not only in Europe but also in other countries. Since we already have access to the latest technology, it shouldn’t be that hard nowadays. It should be as easy as paying with cash on the counter for customers.

Merchants

For merchants, accepting payments online and issuing refunds shouldn’t cause issues as well. Debit cards, credit cards, invoices, e-wallets, and cash on delivery payments are like middlemen that charge additional fees. Fees are applied no matter how simple is the task of moving money from the bank to sellers or casino accounts. Thus, Trustly works hard to make its online payment service fast, simple, and more secure.

Trustly’s development

In 2008, Carl Wilson, Joel Jacobsson, and Lukas Gratte decided to come up with something new about online payments. That same year, Wilson, Jacobsson, and Gratte become the founders of Trustly which is headquartered in Stockholm, Sweden. From the first day they founded Trustly, it already started gaining profits which allowed them to grow and continue. Thus, their work on the second generation technology platform started in 2009.

The “Rising Star”

In 2010, Trustly opened its office in Malta. Before the year ended, the company was able to process its 1 millionth transaction. Thus, it’s not surprising anymore to learn that it was awarded the “Rising Star” status by Deloitte in 2011. It was the year when Trustly was recognized as the 2nd fastest growing technology company in Sweden. The company also welcomed Alfvén & Didrikson as its trusted investor. In case you didn’t know yet, Alfvén & Didrikson is one of the active and successful companies based in Stockholm.

Payout Express

They provide long-term investments in teams and passionate entrepreneurs that aim for international growth. Thus, Trustly processed its 2 millionth transaction before the end of 2011. When 2012 arrived, the company opened its office in Barcelona and processed its 4 millionth transactions. Then, the company processed its 7th millionth transaction when 2013 arrived. The success of Trustly continued in 2014 when its Payout Express product was launched. Together with PayPal, strategic cooperation was also done successfully.

Top 50 European FinTech Companies

In 2014, Bridgepoint Development Capital also invested £21 million in the company to boost its growth. So when 2015 arrived, the company was able to expand its scope into 21 new markets in Europe alone. Trustly was also shortlisted by Fintech City London as one of the 50 European FinTech companies that revolutionize the sector of financial services. Since then, the company can now process 1 million transactions every month! Thus, the company continued its expansion and opened new offices in Cologne and London in 2016.

Direct Debit

Oscar Berglund was also appointed as the company’s CEO. Not only that, Trustly’s processed transactions grew from 1 million to 2 million per month! Thus, its number of employees also grew up to 100 to cater to more transactions and customers’ needs. In 2017, its Helsinki office was opened and its new Direct Debit product was launched. Since its founding, Trustly already surpassed its £9 billion with its total volume of processed transactions.

Pay N Play

Before the year ended, its Pay N Play product was launched. This led to hiring the 200th employee in 2018 and the TÜV certification. This certification was meant to protect its data in Germany. Later on, Nordic Capital bought the majority of the company’s stake.

Consumers

With this payment method, you can now shop and pay directly from your bank account as a customer. In fact, paying with Trustly requires 3 simple steps only that include:

• • Selecting your bank and logging in your account in just a few seconds

• • Choosing the specific account from which you want to pay

• • Confirming your payment using your chosen authentication method

Now, the company is known as one of the most preferred payment methods by customers from 29 European countries. To know if its services support your bank, just choose between “Payments” and “Refunds” products then choose your country. As a customer, you can use Trustly for online shopping and online gambling or gaming.

Security

As a supervised company by the Swedish Financial Supervisory Authority, Trustly is also a licensed and authorized payment institution. It holds a PSP (European Payment Services) license which meets the Payment Services Directive or PSD, 2007/64/EC. Anyone who wants to take advantage of its benefits doesn’t even have to register an account. The company doesn’t store any customer information that can be used to their bank accounts.

In addition to the banks’ own security system, Trustly also uses its own high encryption standard to protect its users. Thus, its secured products and services are mostly used for transferring large amount of money from £80 and above.

Merchants

Are you a merchant? That’s not a problem! Merchants can also benefit as much as consumers enjoy hassle-free transactions using Trustly’s products and services. Merchants from different areas of the industry in Europe can enjoy the perks of this payment method. As long as they reside in any of the company’s 29 accepted European countries, you’re very much welcome aboard. This online banking payment allows you to accept payments and transfer refunds to your customers’ bank accounts within Europe.

Customers can send you payments through Trustly with their own bank login details. Just select between “Deposits” or “Withdrawals” to see the list of banks that the company supports. With the “power of one”, these are the 3 things you must have as an affiliated merchant:

• • Agreement

You must sign one agreement only with Trustly even if you want to enter into 2 or more markets.

• • Integration

You should integrate once only for all the markets and banks.

• • Reconciliation

Once everything’s settled, you will get access to one of your statements which includes all your settlements, markets, and banks.

Direct Debit

Whether you’re into e-commerce, travel, financial services, iGaming, or online gaming, you can take advantage of its products and services. You can use Direct Debit where you can make payments with one-click which is great for subscriptions or in-app purchases. It is also great for online shopping wherein customers have to sign up for direct debit mandate once only. This can be done on your own business app or website.

Thus, your customers’ future payments can be done with just one-click. But before you get carried away, we have here some points to consider under its Direct Debit’s pros and cons.

Trustly Casino Sites Pros:

• • Customers don’t need to enter their card numbers repeatedly once they sign their direct debit mandate

• • The authentication process is fast and safe with your chosen verification method

• • Allows ongoing services with a payment method that doesn’t expire

Trustly Casino Sites Cons:

• • Reduces customer churn due to expired cards

• • Improve long-term customer relationships

• • Digitalize your manual paperwork

For merchants, Trustly comes in handy when accepting payments from selling various products and services. This includes in-game purchases, video or movie streaming, music services, food delivery, taxi services, financial services, magazine subscriptions, and charity.

More pros in some counties:

In many countries so called ”fast casinos” (pikakasinot in Finland)) uses Trustly for all money transactions and also for identifying the customer. For more information take a look at the setunne pikakasinot page named verovapaat nettikasinot ilman rekiseröintiä – that is in English tax free casinos without registration. See also Trustly casinos Finland.

See also the website Pay N Play Finland.

Gambling in Finland is also only for adults, +18 year old people.

Partners

Become Trustly’s partner and experience what fast growth really feels like by partnering with PSPs, acquirers, and other processors. This way, you can share the company’s success and be part of scaling its product distribution in the future. If you still doubt its reliability, these are the benefits that you can get for partnering with Trustly.

• • Higher merchant conversion rates

• • Fast and stress-free merchant-partner integration

• • Smooth entry to new markets with just a single contract

• • Direct settlement with merchants or through licensed PSP

• • Allowed transactions with any European currency

• • Competitive commissions

Now, you know that becoming a partner of Trustly is not only easy but also packed with lots of perks. Thus, the company’s current partnerships are divided into PSPs, platform providers/web agencies, and open source/plugins. To see the list of banks that the company supports, just choose between “Payments” and “Refunds”. Then, you have to select your country from its 29 approved European countries.

Advantages of Trustly:

• • Free of charge

• • Fas and easy transactions

• • Completely secure and reliable

• • Allows direct banking e-payment

• • Doesn’t require sensitive personal information

• • Available in mobile and tablet devices

Disadvantages of Trustly:

• • Limited to 29 European countries only

• • Only those with bank accounts within the approved countries can use Trustly

• • Not all banks in the UK are eligible to use Trustly

Trustly Casinos: Final words

As one of the most successful payment institutions, Trustly always thinks of something new to promote innovation in the industry. Together with its partners, the company formulates new marketing strategies to improve and sell its products. From referring new prospects to creating joint market materials, promotional campaigns, and co-exhibiting, Trustly works with its partners closely. Thus, the company continues to offer fully-functional products and services in different areas in the industry. Whether you want to shop online, pay monthly subscriptions, or make deposits and withdrawals, this is a great payment solution.

Read more about Trustly at Wikipedia.