Trustly plans to branch out in Germany

Trustly, the Swedish fintech company that provides solutions for online banking plans to expand and branch out in Germany. With regard to this, a promulgation sealing the expansion was made that its online banking e-payments method has earned ‘TÜV-certified’ status for legal data protection and IT security.

TÜVs, are German businesses that provide inspection and product certification services and audits the compliance of an organisation with international standards.It is considered the gold standard for consumer protection within the industry. TÜV Saarland’s seal of Approved Data Protection officially recognises the high level of protection offered to partners and consumers using Trustly’s payment method, which facilitates online bank transfers.

The achievement underpins Trustly’s strategic priority for 2018 to strengthen its position on the German market, building on its growth in 29 European markets. Using Trustly, merchants can sign just one contract to support bank payments from more than 3,000 banks, including Sparkasse, Volksbank and Deutsche Bank, eliminating the need to integrate with local banks individually. Trustly has also opened a new office in Cologne as it seeks to establish Trustly as a leading online banking e-payments provider in Germany.

Oscar Berglund, the CEO of Trustly, said: “As we rapidly expand our partnerships with merchants in Germany, we are delighted to have met the stringent requirements of such a respected independent and neutral institute like TÜV. This achievement reflects the priority we give to data security and the protection of personal data.”

Explicating  the company’s plans in Germany, he added: “Trustly is growing rapidly, and the expansion of new partnerships in Europe, and especially in Germany, is at the top of our agenda.”

Strengthening Trustly’s position in Germany

A major study “The State of Online Banking”, carried out by Trustly in 2017, with market research institute NEPA demonstrated the high level of trust banks enjoy. In Germany, according to the study, 71% said banks provide a secure online banking service and 70% used online banking e-payments in the past year. Demonstrating the level of interest in direct bank transfers, 44% of people in Germany said they would use Trustly if it was available as an option on an online shop.

“Trust is obviously fundamental when partners and consumers consider which payment methods to use,” Mr Berglund added, “given our findings that people across Europe generally trust their banks, it makes sense that they have high trust in online banking e-payments. Together with the convenience and speed of online banking e-payments, being at the forefront of the technology that makes it all possible puts Trustly in a strong position.”

Trustly on track for success in Europe

Founded in 2008, Trustly last year reached the EUR 10 billion mark in transaction volume and has recently welcomed a number of new clients. The new partnerships include Northern European online fashion retailer Boozt, the airline airBaltic, the Nordic digital bank Nordnet and the provider of international payment solutions Flywire. In addition, a new partnership with UATP, a billing system operated by numerous international airlines, has allowed Trustly to move into an untapped area of ecommerce travel, supporting airlines to grow their businesses and allowing passengers to pay for airline tickets directly from their bank account.

About Trustly

Founded in 2008, Trustly Group AB is a Swedish FinTech company that makes online banking e-payments fast, simple and secure. The company offers cross-border payments to and from consumer bank accounts at over 3,000 banks in 29 European markets and connects businesses and consumers within e-commerce, travel, gaming and financial services. In 2017, the Financial Times ranked Trustly as one of the fastest growing companies in Europe on the FT1000 list and the London Stock Exchange recognized Trustly as one of Europe’s most inspiring, fast-growing companies.

Trustly has 180 employees and is headquartered in Stockholm, Sweden, with regional offices in Spain, Malta, Germany and the UK. Trustly is a licensed Payment Institution under the supervision of the Swedish Financial Supervisory Authority. Read more at www.trustly.com