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.
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.