Instant Refunds aims to enhance the efficiency and convenience of refunds. Unlike the conventional approach of processing refunds through regular bank transfers, TrustPay now allows for refunds to be instantly processed. However, it's important to note that this instant refund option is available only when the payment method being refunded is settled as a SEPA payment, and the recipient's bank supports instant payments.
With Instant Refunds, TrustPay aims to allow both customers and businesses to enjoy a seamless refund experience with a simple click. Once initiated, recipients can expect to receive their refunds within seconds, eliminating the often frustrating waiting period associated with traditional refund procedures.
Some of the main features of TrustPay's Instant Refunds include:
In the company press release, representatives from TrustPay expressed enthusiasm for this development, and highlighted the frustrations associated with twaiting for a refund as well as the advantages and customer-centric nature of making these refunds instant.
To utilise this feature, individuals can visit TrustPay's website and explore the available payment methods that support Instant Refunds.
Founded in 2009, TrustPay is a provider of online payment solutions, first-class card acquiring services, cross-border B2B services and sophisticated corporate accounts, including features such as API banking, Virtual IBANs and prepaid cards. The company is a principal member of Visa, Mastercard and UnionPay.
In October 2023, TrustPay announced its partnership with ibanXS in order to leverage its suite of solutions in the process of expanding its Open Banking reach. Following this announcement, TrustPay’s clients and customers benefitted from an optimised Open Banking experience, as well as `Pay by Bank` solutions.
In addition, the Slovakian PSP is set to meet the needs, preferences, and demands of its users and to remain compliant with the requirements and laws of the industry, while also aiming to improve its development process at the same time.
In April 2023, TrustPay joined up with Portugal-based SIBS to include Multibanco and MB Way Pay in its portfolio. According to the company press release, Multibanco is a popular payment method in Portugal. It works as an interbank network that enables customers to make payments through online banking, ATMs, and mobile banking applications. Portuguese people use this system to pay their electricity, water, and gas bills.
For more information about TrustPay, please check out their detailed profile in our dedicated, industry-specific Company Database.
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