April 17, 2024

Trustly Achieves 79% Growth in 2023, Fueled by Open Banking Demand

Trustly, the global leader in open banking payments, announces a year of exceptional growth and enhanced market influence across sectors. In 2023, Trustly saw a significant surge in its transaction value, achieving a 79% increase to reach $58 billion, up from $33 billion in the previous year. Trustly’s growth was significant both in the U.S. and Europe. 

Highlights of Trustly’s 2023 performance:

  • A record 274 million transactions processed throughout the year, an increase of 30% YoY
  • A 79% increase YoY in annual transaction value reaching $58 billion
  • Expansion of services to over 9,000 merchants globally

Trustly’s account-to-account technology, designed to eliminate inefficiencies while boosting security and consumer experience, is setting new standards in the global payment landscape. This change marks a clear shift from traditional payment methods with millions of consumers moving towards open banking. 

In the U.S., Q4 2023 witnessed a remarkable increase of 216% in Total Transaction Volume (TTV) and 229% in Total Processed Volume (TPV) over the prior year on the RTP® network. Additionally, Trustly is now live on FedNow, marking another significant advancement of Trustly’s account-to-account capabilities. As consumer demand for instant payments continues to grow, enhanced bank coverage and flexibility further the accessibility and efficiency of Open Banking Payments.

Alexandre Gonthier, CEO of Trustly Inc., comments: 

“In the U.S. 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.” 

The successful launch of Trustly’s proprietary data engine, Azura, in Europe has also significantly contributed to this achievement. By driving personalized payment experiences, Trustly Azura is redefining user convenience and security in digital transactions across European markets. It instantly recognizes users across websites and devices, thereby reducing the time spent at the checkout. Shoppers are no longer having to manually enter their card details, and merchants are increasing conversion. 

Johan Tjärnberg, Group CEO of Trustly, comments: 

“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 U.S. 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.” 

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