The Trustly Blog

The expansion of sports betting in the United States has yet to slow down since the May 2018 U.S. Supreme Court decision which struck down the Professional and Amateur Sports Protection Act (PASPA), a federal law that prohibited sports betting. As of this writing, 33 states (including the District of Columbia and Puerto Rico) have some form of legal sports betting, with 22 of those states offering online wagering.

As the industry comes back together after the pandemic and prepares for the start of 2022, we look back on key drivers of the continuously evolving FinTech industry. In this article, we reflect on key learnings from Money 2020 Vegas, the industry’s most influential fintech event.

Trustly, the global leader in online banking and payments, and Payrailz, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, have joined forces to more efficiently deliver Open Banking to consumers in the U.S.

I originally intended this blog post to be quite technical and only focus on a few explicit engineering challenges we faced and how we solved them. But I soon realized that it would not make much sense if I did not describe the context a bit more.

According to a 2021 study by Juniper Research, the value of global payment transactions facilitated by Open Banking will exceed $116 billion by 2026. This projected value represents a 2,800% growth rate in the next 5 years—2021 is projected to generate $4 billion.