Gr4vy expands partnership with Trustly

This extension follows a successful rollout in the US in June 2023.

The collaboration enables Gr4vy's merchants to integrate Trustly as a payment option, enhancing payment flexibility and customer convenience. The integration is expected to improve payment approval rates and reduce acceptance costs for merchants using Gr4vy's platform.

The European launch aims to extend these benefits to clients in the region, potentially driving significant growth for both companies. This development marks a strategic move to broaden their market reach and improve service offerings in Europe.

Trustly, a major player in the Open Banking sector has been a key innovator since 2008. It facilitates secure and instant payment solutions for over 9,000 merchants across more than 30 markets, connecting them with consumers through a vast network of over 12,000 banks.

Gr4vy specialises in providing a versatile payment orchestration platform that supports a wide range of payment methods and anti-fraud providers. Its solutions are designed to streamline payment processes and enable businesses to scale and customise their payment strategies.

Growth of the payment orchestration market

The payment orchestration market has seen rapid growth, becoming a critical component in the ecommerce and fintech sectors. Payment orchestration platforms allow merchants to integrate and manage various payment methods and gateways through a single interface. This flexibility is crucial for businesses that need to provide diverse payment options to meet the varying preferences of global customers. As online shopping and digital transactions continue to surge, the demand for such platforms has intensified, driven by the need for efficient, secure, and seamless payment processes that enhance the overall customer experience.

They streamline the payment process by consolidating multiple payment providers and methods into a unified system, which simplifies management and reduces complexity for merchants. This integration capability not only improves operational efficiency but also helps in optimising payment approval rates and reducing transaction costs. Additionally, payment orchestration platforms provide robust tools for managing compliance and fraud prevention, which are increasingly important as cyber threats evolve.

Open Banking, a pivotal development in the financial services industry, complements the functionality of payment orchestration platforms. By allowing third-party developers to access financial data and services from banks, open banking facilitates the creation of innovative payment solutions and services. Trustly, a prominent player in this space exemplifies the transformative impact of open banking. Through its open banking solutions, Trustly enables direct payments from customers' bank accounts to merchants. This method bypasses traditional intermediaries, resulting in faster transactions and lower processing fees.

As the payment orchestration market continues to expand, the synergy between these platforms and Open Banking solutions is set to drive further innovation and growth. The combination of flexible, multi-channel payment orchestration and efficient Open Banking payments positions businesses to meet the evolving demands of the digital economy, ensuring they remain competitive in an increasingly interconnected global market.