The Trustly Blog

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.

When I joined Trustly nearly nine years ago, I had never worked in fintech, or ever considered doing so. It was simply a corner of the programming field that wasn’t on my radar. I have since learned that in fintech, the business is fast-paced and the engineering is challenging in ways I never imagined it would be. The work we do and the code we write every day moves billions in funds around the world. A daunting and exciting thought for an engineer.

The desire for faster pay-ins and payouts isn’t limited to the payroll economy, industries across the country are experiencing an increased demand for faster, real-time payments as an after effect of COVID-19.