Flywire expands Trustly partnership to deliver open banking payments across US and Canada

Flywire and Trustly are expanding their partnership to support open banking payments in the US and Canada. This move allows payers to authorize secure, large domestic and cross-border payments directly from their bank accounts in local currency. When choosing to pay with Trustly Pay by Bank, payers simply use their existing online bank login credentials during checkout. There is no need to re-enter bank account information to complete the transfer.

Trustly performs an instant balance check at the time of authorization. This identifies potential insufficient funds before a transaction is processed. It heavily mitigates Non-Sufficient Funds (NSF) return risks. For cross-border payments, Flywire minimizes the likelihood of post-settlement reversals. It manages funds during the critical return window. This provides clients with predictable, guaranteed outcomes. There are no costly wire fees or unexpected bank charges.

This expansion follows a growing trend in the payments industry towards open banking. Open banking allows consumers to share their financial data with third-party providers securely. This can lead to more efficient and secure payment methods. It also reduces the reliance on traditional payment methods like credit cards and bank transfers.

For merchants, this means faster and more reliable payments. It also means lower transaction costs. Open banking payments are often cheaper than credit card payments. They also have a lower risk of fraud and chargebacks.

The expansion of Flywire and Trustly's partnership is a significant development for the payments industry. It demonstrates the growing acceptance of open banking as a viable payment method. It also highlights the importance of partnerships in the payments industry.

Merchants should consider integrating open banking payment options into their checkout process. This can improve the customer experience and reduce transaction costs. It can also help to mitigate the risk of fraud and chargebacks.

The expansion of Flywire and Trustly's partnership is a positive development for the payments industry.