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.
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 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.
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