Trustly’s North America open banking play

Trustly’s North America open banking play

Open banking is increasingly taking off in North America, and one company to see particular growth is Sweden’s Trustly. In my latest column for Forbes, I caught up with CEO Oscar Berglund and North American President Peter Ohser to find out more.

Trustly open banking - revenue EBITDA margin financial metrics

Some of the key takeaways from my conversations with Oscar and Peter:

  • The benefits of open banking are being felt by both consumers and merchants, particularly around real-time settlement and convenient authentication.
  • Increasingly global reach is enabling merchants to use open banking for cross-border ecommerce, instead of being purely restricted to domestic sales.
  • In North America, open banking has in particular seen a boom for Trustly over the past three years, including from major ecommerce players who are showing growing interest in the technology.
  • The US differs significantly from Europe because of the regulatory environment – without PSD2 development in the US has been “much more organic”.
  • Trustly is differentiating in this market by having its own connections and network, as well as an enterprise-facing proposition that includes risk management and reporting reconciliation. 
  • The company’s strength in Europe also enables merchants to operate across both continents, including local currency payment collection.

How Trustly is tackling open banking

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