Trustly, a global enabler of Open Banking Payments, is pleased to announce that it is seeing steady adoption of its Real-Time Payments (RTP) service and has reportedly become one of the “largest” originators on the RTP network.
Specifically, Trustly’s RTP volume reportedly “grew 29% in transaction volume and 31% in payment value from Q2 2023 to Q3 2023.”
Trustly’s mission has been to “make its account-to-account payments platform the most advanced ‘pay with bank’ service available.”
Since launching instant payouts in the US in partnership “with Cross River, a financial services and technology infrastructure provider that offers embedded financial solutions, Trustly has enabled merchants to provide said instant payouts to their customers.”
The adoption of its RTP service has led Trustly to now “be approaching 10% of the RTP network’s total transaction volume.”
Q3 2023 reports from The Clearing House show “that there were 64 million transactions, up 11% from the previous quarter, totaling $34 billion in transaction value, up 18% from the previous quarter.”
Trustly, alongside its banking partner, Cross River, an early participant in the RTP® network and the second largest RTP originator in November, “has been instrumental in the rail’s growth.”
In fact, Trustly’s year-on-year RTP growth from Q3 2022 to Q3 2023 “has exploded over 160%, significantly outpacing the network’s year-on-year growth.”
Since its launch in 2017, RTP has “grown steadily in volume, with hundreds of financial institutions currently using the network.”
Trustly and Cross River will continue “to foster its adoption as RTP matures and more merchants and consumers realize its benefits.”
Gilles Gade, Founder and CEO of Cross River, said:
“This partnership with Trustly falls right into Cross River’s mission to drive innovation across financial services. Trustly is one of very few fintechs who have revitalized the payment industry and have met the consumer demands for real-time access to funds. We are proud to partner with Trustly as a first mover in providing a regulated, compliant, and highly efficient real-time payments platform. Our top-3 ranking in RTP® transactions is a testament to the rapid customer adoption of our mutual vision, and execution.”
Alexandre Gonthier, Founder and CEO of Trustly, Inc., said:
“We’re proud to be leading RTP® adoption with our longstanding partner, Cross River Bank. As we drive RTP® to the forefront of the payments industry, Trustly will strive to provide merchants with the tools they need to increase consumer satisfaction and gain payment independence from cards.”
Founded in 2008, Trustly is a global firm focused “on Open Banking Payments.”
Their digital account-to-account platform redefines “the speed, simplicity, and security of payments, linking some of the world’s merchants with consumers directly from their online banking accounts.”
Trustly says that it can handle the entire payment journey, “setting them apart from the competition and enabling us to offer an attractive alternative to traditional card networks at a lower cost.”
Today they claim to “serve 8,300 merchants, connecting them with 650 million consumers and 12,000 banks in over 30 countries.”
In 2022, they claim to have “processed over $42 billion in transaction volume on their global network.”