What is Trustly?
Trustly is a Swedish fintech company born and raised in Stockholm. Founded in 2008 by Carl Wilson, Joel Jakobsson, and Lukas Gratte, Trustly is known as an account-to-account Open Banking payment method. The service allows customers to make payments via their online banking account without the use of cards or applications.
Originally known as Glue Finance, Trustly has become a reputable brand name in the iGaming world, famed for its lightning fast payments. Its growth was bolstered in 2014 when the company entered into a strategic partnership with PayPal, helping it reach ten million processed transactions. In 2019, Trustly merged with online banking payment giant, PayWithMyBank, solidifying its position as a trusted online payment solution.
Trustly is regulated by the Swedish Financial Supervisory Authority and its services are available to customers in Europe, the US, Canada, and Australia. The company is run by CEO Johan Tjärnberg, who was appointed at the start of 2022. Today, Trustly is connected to over 6,000 banks and supports payments at over 8,000 merchants worldwide, giving them a reach of 525 million consumers.
Why Trustly is Superior to Bank Transfers
Despite its ubiquity, the humble bank transfer definitely comes up short against more modern methods like Trustly. Although Trustly and bank transfers perform exactly the same function – that is, direct payments between two bank accounts – Trustly’s technology carries out the task with minimal fuss.
When you transact with Trustly, there’s no need to obtain the destination account’s bank details — the entire process is a much more streamlined way to transfer money instantly. There’s also no need to share your own account number and sort code. All Trustly requires is an online banking login, keeping no record of your personal data once the transaction is complete, so it’s well-suited to more security-conscious players.
Bank transfers are also known for being one of the slowest payment methods. You could be waiting days before accessing your cash, whether that’s ready for play in your casino wallet or back in your own bank account. Trustly runs on Open Banking technology, so it can bypass the usual delays inherent to bank transfers.