Trilo launches Open Banking solution for merchants and consumers

There is generally a challenge in persuading customers to switch to a bank-to-bank payment option they are likely unfamiliar with. The solution that Trilo is looking to implement is to offer customers incentives for using open banking, such as cashback or additional perks, coupled with a user-friendly payment flow.

Trilo is combining an open banking payments API with incentives and rewards for consumers. The startup is also doing away with transaction fees for merchants and will instead charge a monthly subscription akin to a SaaS model.

To pay with Trilo, you scan a QR or tap the Trilo button on a partnering merchant’s website or app. You will be remembered on your phone with a cookie, you will then see who you are paying, what bank, and what your boost is, with the amount to pay clearly displayed beneath. When you tap pay, you will hop over to your bank app, and can finish off the payment with a tap of the screen.