Trustly, the global Pay by Bank solutions provider, announced that it will now support RIX INST, the instant settlement system of Sveriges Riksbank, the Swedish Central Bank, solidifying Trustly’s position in instant payouts.
Representing a key milestone for the company in its home market, Trustly will be the third-party provider to “support RIX INST-powered instant payouts and will now offer instant payout coverage for all Swedish banks and their customers.”
The move is also a significant development for the broader Swedish payments ecosystem, removing barriers “to offer merchants instant withdrawals and simplify payouts for users.”
Merchants can now instantly refund and pay out to customers of Swedish banks – “including ICA Banken, Länsförsäkringar, and Skandiabanken – while the change will also be a seamless experience for Trustly’s merchants, with no API changes required.”
This enhancement to Trustly’s offering will be “rolled out initially for its iGaming customers before expanding to other verticals.”
Johan Tjärnberg, Group CEO of Trustly, commented:
“This marks a significant milestone for Trustly and the Swedish payments ecosystem. Offering instant payouts has always been the core of what Trustly does, with our services already supporting broader schemes such as SEPA Inst across the Eurozone as well as local schemes such Straksoverførsel in Denmark. By now supporting RIX-INST, we have closed the final gaps in instant payouts in our home market, ensuring a faster and more reliable payment experience for businesses and consumers alike.”
The announcement follows the news earlier this year that Trustly-owned Ecospend retained the UK’s “most significant open banking contract to date with HM Revenue and Customs (HMRC).”
As noted in the update, Trustly is the global Pay by Bank solutions provider.
Through its Open Banking platform, Trustly offers innovative payment experiences, “connecting consumers and merchants. Its patented technology ensures that transactions are processed in real-time, providing both speed and security.”
Trustly’s dedication to reimagining how the world pays is said to be reflected in its collabs with brands such “as PayPal, eBay, and Hargreaves Lansdown in Europe and FanDuel, T-Mobile, and Coinbase in North America.”
To date, Trustly has transformed the performance and experience of payments for over “9,000 merchants in 30+ markets, connecting them to 650+ million consumers through 12,000 banks.”
In 2024, Trustly processed nearly “$100 billion in total payments value.”
Trustly, launched in 2008, is a licensed Payment Institution “under the second payment services directive (PSD2).”
It operates under the supervision of the Swedish Financial Supervisory Authority in the EU, EEA and the Financial Conduct Authority in the UK.
In the US, Trustly is state-regulated “as required to serve its target markets.”
