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Multinational technology company Lenovo has become the latest company to look at the potential of Open Banking, integrating the payments process at checkout for its customers.

The Chinese firm has partnered with Trustly, a Swedish Open Banking provider active globally, to support its Open Banking ambitions. The company will utilise Trustly’s Open Banking services at checkout for its European customers.

Open Banking’s resilience to fraud was noted by Lenovo as a particular advantage the payment method has over credit or debit cards, by allowing customers to pay for products directly from their own bank accounts. The tech firm has pointed to figures showing that Trustly’s e-commerce platform has a fraud rate of 0.01%.

Lenevo will integrate Trustly’s Open Banking platform for payments across its product range for the UK and EU markets. The company is best recognised for its tech products such as personal computers, laptops, tablets, smartphones and smart TVs. 

Angus Cormie, Head of eCommerce – EMEA at Lenovo, commented: “We’re always looking for ways to transform our payment experience with innovative technology. 

“Offering Trustly’s Open Banking checkout service allows us to improve the checkout experience for our customers. The service will give our customers more choice with the option of using this quick and secure technology when making purchases.”

Open Banking is one of the standout innovations in the fintech space, having emerged in prominence over recent years alongside other key talking points like Artificial Intelligence (AI) and tokenisation.

The technology’s benefits are being recognised by both businesses and governments, with the latter seeing it as key to economic growth. 

In the UK, for example, one of Leneov’s target markets for its Open Banking payment option, the government is aiming for international leadership in Open Banking. With an election taking place tomorrow (4 July), the opposition has also pledged to support Open Banking, showing the wide recognition of its potential.

Against this backdrop, Trustly has emerged as a leading company in B2B Open Banking provision. The firm has signed partnerships with several prominent companies, and has recorded successive increases in revenue as a result.

“We are thrilled Trustly is now available as a payment method for Lenovo’s customers. Our technology provides customers with a simple, fast, and secure way to pay,” said Jussi Lindberg, Chief Revenue Officer at Trustly,

“Using Open Banking means payment speeds are as low as 10 seconds, making the checkout significantly quicker. We’re excited for Lenovo’s customers to use our technology for an enhanced payment experience.”