Trustly, a global leader in Open Banking Payments, is proud to announce significant growth of its Real-Time Payments (RTP®) service. Trustly’s RTP® volume grew 29% in transaction volume and 31% in payment value from Q2 2023 to Q3 2023, and has become one of the largest originators currently on the RTP® network.
Trustly continues to make its account-to-account payments platform the most advanced “pay with bank” service. In partnership with Cross River, a financial services and technology infrastructure provider that offers embedded financial solutions, Trustly launched instant payouts in the US, enabling merchants to provide instant payouts to their customers. The rapid adoption of Trusty’s RTP® service has led Trustly to approach 10% of the RTP® network’s total transaction volume.
Reports from The Clearing House reveal that in Q3 2023, there were 64 million transactions, up 11% from Q2 2023, totaling $34 billion in transaction value, up 18% from the previous quarter. Trustly and its banking partner, Cross River, an early participant in the RTP® network and the second largest RTP® originator in November, have been instrumental in the growth of the rail, with Trustly’s year-on-year RTP® growth from Q3 2022 to Q3 2023 booming by over 160%, significantly outpacing the network’s year-on-year growth.
Since its launch in 2017, RTP® has consistently grown in volume, with hundreds of financial institutions utilizing the network. Trustly and Cross River will continue to foster the adoption of RTP® as it matures and more merchants and consumers realize its benefits.
Founded in 2008, Trustly is a global leader in Open Banking Payments. Our digital account-to-account platform redefines the speed, simplicity, and security of payments, linking some of the world’s most prominent merchants with consumers directly from their online banking accounts. Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to traditional card networks at a lower cost. Today we serve 8,300 merchants, connecting them with 650 million consumers and 12,000 banks in over 30 countries. In 2022, we processed over $42 billion in transaction volume on our global network.
About Cross River
Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, and lending solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.
Real-Time Payments are powered by Cross River Bank. Recipients typically receive the payment within seconds of the sending bank initiating the transaction; RTP® network receiving financial institutions are required to make funds available immediately, except where necessary for risk management or legal compliance purposes.