Following this announcement, Trustly is set to be the first third-party provider to support RIX INST-powered instant payouts, offering instant payout coverage for all Swedish banks and their customer bases.
The move represents a significant development for the broader Swedish payments ecosystem, as it is expected to remove barriers in order to provide merchants with the possibility to deliver instant withdrawals and simplify payouts for users. In addition, the institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
Trustly represents a global company that offers Pay by Bank solutions, as well as Open Banking solutions that provide optimised payment experiences and connect clients with merchants in a secure and efficient way. At the same time, its patented technology ensures that transactions are processed in real-time, providing both speed and security.
According to the official press release, businesses and merchants can now instantly refund and payout to customers of multiple Swedish banks, including ICA Banken, Länsförsäkringar, and Skandiabanken. This process will take place while the change will also be a seamless experience for Trustly’s merchants, with no API changes required.
In addition, by offering instant payouts and supporting RIX-INST, Trustly aims to close the gaps in instant payouts in the regional market, as well as ensure a faster and more reliable payment experience for businesses and consumers alike. For more information about Trustly, please check out their detailed profile in our dedicated, industry-specific Company Database.
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