Based on the information provided in the announcement, Trustly’s solution, which is set to be provided via APEXX Global’s orchestration platform, is believed to help transform the Direct Debit experience for APEXX merchants and customers alike.
Set to be provided to merchants across global markets, the payment method is believed to help improve conversion rates, reduce payment errors, and decrease costs. As per the press release, Trustly’s solution enables the creation of mandates in an instant manner, as it leverages Open Banking APIs without having a requirement for additional account verification or manual handling.
Following this collaboration, merchants are enabled access to an increasingly cost-effective and efficient alternative to the manual Direct Debit mandate setup, with the scalable, recurring payments method being available to EU- and UK-based merchants. As a testament to the partnership, APEXX and Trustly also announced that they have delivered the recurring payments solution to an operator within the European travel industry, which, as per announcement information, helped reduce mandate failure rates to zero.
Peter Keenan, CEO of APEXX Global stated that the company’s mission is that of transforming the global payments ecosystem for merchants, and Open Banking is seen as a critical tool in having the payments process simplified. With this partnership, the company believes it will be enabled to improve the conversion experience for merchants by having Direct Debit mandate failures reduced.
Daniel Hecker, Chief Product Officer at Trustly advised that the partnership with APEXX Global is set to help ‘supercharge’ checkout conversion and performance for their merchants, propelled by what the company believes to be ‘the most efficient’ and embedded payment solution available. As per their statement, following its launch, the company noticed that more than 70% of users opt for an Open Banking mandate setup instead of legacy manual processes, which is believed to highlight that they offer not only new payment methods but also address pain points for businesses and improve the user experience when leveraging existing solutions such as Direct Debit when paying.
A global payments platform, APEXX Global combines acquirers, gateways, shopping carts and alternative payment methods into a single marketplace and one-stop solution for Enterprise/Tier 1 merchants. The company builds an integrated and transparent service that helps manage the authorisation, processing, and optimisation of transactions.
Earlier in February 2023, the company announced a separate collaboration with B2B car rental software provider CarTrawler looking to help augment the latter’s legacy payment software system, with APEXX set to provide its complete payment orchestration package and process most of its volumes via a single API.
Activating within the online banking payments space, Trustly offers a digital A2A platform aiming to redefine the speed, simplicity, and security of payments by connecting merchants with consumers directly from their online banking accounts.
The company kicked off 2023 with three other announcements, with the most recent one being the February 2023 collaboration with Cross River and online gaming operator PointsBet following which it enabled US-based players with instant payouts.
At the end of January, the company announced the acquisition of UK-based Open Banking payments platform Ecospend after having received approval from the FCA. The news came shortly after Trustly made public a partnership with Sweden-based platform for savings and investments, Nordnet with the aim of enabling payins via Trustly for retailer investors across Nordic countries.
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