Open Banking payments group Trustly has revealed a significant surge in transaction value in its latest 2023 Q4 results.
The private company states that its transaction value increased by 79% to $58bn in total volume, up from $33bn from the year prior, citing growth in Europe and the US.
A record 274 million transactions were processed via Trustly throughout last year, an increase of 30% year-over-year. This was bolstered by Trustly expanding its services to over 9,000 merchants globally.
Trustly has attributed this transaction growth to its account-to-account technology by “setting new standards in the global payment landscape”.
Designed to eliminate inefficiencies and boost security and consumer experience, the payment method has a goal to shift away from traditional payment methods and increase the adoption of Open Banking payments.
Johan Tjärnberg, Group CEO of Trustly, commented: “In a year of global economic challenges, Trustly’s exceptional growth highlights our commitment to open banking and our ability to lead in the digital payments landscape. Our expansion in Europe and the US is a testament to this leadership.
“The launch of Azura has been a game-changer, introducing a new level of transactional personalisation and efficiency. I am immensely proud of Azura’s contribution to our growth since its debut in May, setting a new benchmark in the payment industry.”
Trustly’s proprietary data engine, Azura, was launched in Europe in May 2023, aiming to deliver a frictionless personalised payment experience that removes many of the steps usually needed to make a transaction.
Speaking to Payment Expert at the SBC Summit in Barcelona last year, Trustly CCO Olof Wirfelt was confident that the Azura engine will be a significant driver of growth for the Swedish Open Banking specialist.
He said: “Azura is the key that unlocks our ability to bring an exceptional payment experience to consumers throughout Europe and, for me, that’s a very, very exciting story.”
In the US specifically, Trustly saw overwhelming growth in total transaction volume. Q4 2023 saw US volume increase by 216% whilst total processed volume surged 229% from the previous year.
The Open Banking firm also launched on the FedNow payment rail last year bolstering its account-to-account capabilities and believes there is now a growing appetite in the US for instant payments.
Alexandre Gonthier, CEO of Trustly, said: “In the US market, Trustly is trailblazing account-to-account payment capabilities and instant payment adoption on both RTP and FedNow, two newer payment rails that enable money to move from a bank account to another bank account in real-time.
“We’re the global leader in Open Banking Payments and see this level of unprecedented growth as validation for both the Trustly brand and bank payments everywhere.”
