Open Banking
Ciaran O'Malley (Source: Trustly)

Ciaran O’Malley: The story behind the success at Trustly

For online payments provider Trustly, 2020 has been a year full of positive changes. Ciaran O’Malley (pictured), Vice President of Partnerships for the company, writes for SBC News about the momentum behind the Trustly brand and what it means for the gaming industry.

2020 is a year many people are ready to put well behind them. Despite the tumultuous times, we at Trustly have made some big, positive steps forward in the past few months.

We’ve seen continuous growth in the popularity of our online banking payment solutions including Pay N Play®. With the introduction of our Scan N Play solution, we’ve also been making connections  “IRL”  with land-based retail casino and sportsbooks operators. 

At the beginning of November, we unveiled a new look for the Trustly brand, including a new logo designed to stand out in our partners’ checkout and cashier. We’re all really excited about this momentum and (like everyone else) we’re looking forward to 2021. 

Since our founding in 2008, Trustly has evolved alongside the gaming industry, not just following trends, but creating them. Here’s a bit of background to put our progress in perspective. 

Growing from Swedish roots

Trustly was started by three founders in Stockholm, that northern bastion of tech innovation. Since then, we’ve grown to over 350 people working at nine offices in Europe and the Americas (or at least “close to” nine offices, since many of us are working from home now).  

The Trustly solution allows consumers to make online banking payments, also referred to as Open Banking payments, which are secure payments made directly from a bank account. There’s no app to download and no separate registration.

Basically, the original Trustly solution works by leveraging Bank APIs, open source software which enables a secure communication method for banks and other financial institutions.

Today, most deposits and payouts are instant, and Trustly does not store bank login information. Operating under the supervision of the Swedish FSA, we’re currently connected to thousands of banks and process more than 9 million payments monthly across 29 countries. 

A (small) revolution for the gaming industry. 

When we launched Pay N Play® in 2016, we gave the online gaming market an innovation they didn’t yet know they needed. Leveraging Open Banking we went beyond payments to build a complete solution including instant player verification. 

With the traditional set-up, a player has to register, link their credit card, and deposit – the KYC doesn’t happen until the customer withdraws money. Pay N Play® provides instant KYC using bank data that’s already been verified. 

Operators who have adopted Pay N Play® have realised a number of benefits. First, the solution eliminates user-error and fraud that can occur when players enter data themselves. Secondly, ineligible players, such as minors, are out of the game immediately. 

Finally, instant validation means players can get into the game faster, which allows operators to provide a superior CX, greatly reduce player drop off and increase loyalty. According to Trustly research, players who have tried Pay N Play® divert up to 75% of deposits from traditional gaming sites to Pay N Play® sites – a testament to players’ preference for this solution. 

Descending from the digital cloud

In the spring of 2020, we went live with Scan N Play, which allows players to make instant cashless deposits and withdrawals in “real life” gaming environments. All the player needs is their mobile phone and access to their online banking.

To integrate with Trustly Scan N Play, all operators need to do is apply a QR code at  the cashier points, or even directly at tables and machines. We’ve partnered with technical terminal partners, making it easy to offer Scan N Play via cash redemption terminals.

Beyond enabling a seamless player experience, the instant KYC that Scan N Play provides gives operators a powerful anti-money laundering (AML) tool. It also offers the potential to drastically reduce the risk and cost associated with handling cash and card payments. 

The next step in our evolution with the market

At the start of November 2020, we debuted a new visual identity, including a logo, color palette and typeface. The change was made to reflect the forward progress of our payment products and to make sure we stand out in the online checkout/cashier environment. 

The old shopping cart logo has been replaced with a bold “T” containing an forward-pointing arrow. This arrow represents how we help operators move forward to overcome the hurdles of  traditional payment methods. 

As we look forward to the future at Trustly, as I know you are too, we are focused on further innovation to solve pain points  including reconciliation, cross-border liquidity management, FX and transaction risk reduction. As we move forward at Trustly,  I hope you’ll join us on this journey!

Check Also

Trustly boosts Dutch betting market presence through Nederlandse Loterij deal

Trustly boosts Dutch betting market presence through Nederlandse Loterij deal

Trustly has signed Nederlandse Loterij as its latest client, supplying its open banking solutions to …

Trustly KYC and Onboarding

Trustly’s Vasilije Lekovic: Rising to meet the challenge of onboarding users

Trustly’s VP of Gaming, Vasilije Lekovic, explains how the company revolutionised user onboarding and verification …

SBC News Learn how to optimise the payment journey and navigate compliance standards in the 'Payments & Compliance Zone'

Learn how to optimise the payment journey and navigate compliance standards in the ‘Payments & Compliance Zone’

As the industry works toward creating a frictionless payment experience that prioritises player safety, SBC …