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 pay for goods and services 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 quick payments. Its rise was stimulated in 2014 when the company entered into a strategic partnership with PayPal and, in 2019, Trustly merged with online banking payment giants, 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 CEO is Oscar Berglund.
Why Trustly is Superior to Bank Transfers
Although Trustly and bank transfers perform exactly the same function – that is, direct payments between two bank accounts – Trustly’s technology carries out this task with minimal fuss.
With Trustly transactions, there’s no need to obtain the destination account’s bank details, so Trustly payments can be seen as a more streamlined account-to-account service that transfers money instantly. Trustly oversees the entire payment journey, removing the need for additional authentication or verification on the banking end of the transaction.