Trustly, a global leader in open banking payments, is further expanding its presence in the UK, strengthening partnerships as the adoption of open banking technology and payment volumes continue to rise.
Since its founding in 2008, Trustly has developed a range of payment products and data solutions aimed at making online payments fast, secure, and seamless. The company now partners with 9,000 businesses across 33 markets.
In the UK, Trustly has experienced significant growth, with transaction values exceeding £13 billion in the first half of 2024, surpassing the £13.6 billion handled throughout 2023. This growth reflects the increasing acceptance of open banking, with one in nine UK residents using these services as of October 2023.
Trustly has built strong connections with both public and private sector organizations in the UK, enhancing services for consumers. Notable partnerships include Hargreaves Lansdown, ITV, MoneyGram, and Booking.com. The acquisition of Ecospend in 2023 has also played a key role in increasing Trustly’s market share in the UK.
Understanding Open Banking
Open Banking allows consumers to securely share their financial data with merchants or service providers through regulated application programming interfaces (APIs). This enables consumers to authorize merchants to access specific financial information, facilitating direct payments from their bank accounts. By sharing data such as balance history and identity details, consumers can experience faster and more convenient financial services.
Lord Chris Holmes of Richmond MBE, Senior Adviser to Trustly, remarked on the company’s growth, highlighting the strengthening of partnerships and the accelerating adoption of open banking in the UK. He emphasized Trustly’s commitment to continuing to provide innovative payment solutions.
To further its UK expansion, Trustly has appointed Mitchell Powers as Senior Vice President for the UK. Powers, formerly Vice President and General Manager at GoCardless, will lead Trustly’s efforts to enhance its service offerings in the region.
Powers expressed enthusiasm about joining Trustly, citing the company’s recent growth and potential to transform payment methods in the UK. He emphasized Trustly’s clear vision and its position as a leader in the industry.
Disclaimer
The information provided in this article is for general informational purposes only and does not constitute financial or legal advice. While efforts have been made to ensure the accuracy of the information, the content may not be comprehensive or up-to-date. Readers are encouraged to seek independent professional advice tailored to their specific circumstances before making any financial or legal decisions.
