MoneyGram & Trustly combine to meet customers’ ‘dynamic’ needs

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Trustly has announced a partnership with MoneyGram, a global financial technology company, to introduce cardless payments for millions of its users across Europe.

The partnership leverages Trustly’s Open Banking platform, enabling MoneyGram’s users to bypass the need to manually enter card information on the MoneyGram Online (MGO) app, an app that allows users to internationally transfer money directly from their bank accounts. 

Jussi Lindberg, Chief Revenue Officer at Trustly Europe, commented: “We’re delighted to partner with MoneyGram to offer our payment product to their users. We’ve long been impressed with their ability to offer fast, digital bank transfer payments well ahead of the general adoption curve. 

“With this partnership, we look forward to giving consumers the ability to transfer money with ease, leveraging our collective cross-border capabilities and market-leading reliability.”

In addition, Trustly will leverage its proprietary data engine, Azura. The company provides financial institutions with a pay-with-bank system, which features near-instant payments and KYC capabilities.

Sara Vassar, Chief Product Officer at MoneyGram, said: “For over eight decades, MoneyGram has been at the forefront of innovative, secure and convenient global money transfer solutions, meeting the dynamic needs and preferences of our customers.”

Currently, the feature is available in select European regions, however, the partnership has recently extended to additional countries, including the UK and Germany, within the last month.

“We’re excited to partner with Trustly to continue to streamline the money transfer process for more consumers across Europe,” Vassar added.

This partnership comes after Trustly agreed a deal last month with Socure, a platform for digital identity verification. The two firms combined their respective specialist fields, Open Banking and AI, attempting to create an ‘industry first solution’ to global banking.

The Swedish fintech also underwent a leadership change earlier this year, to bolster the company’s compliance and risk outlook as well as strengthening its sustainability as it plans for continued growth.