Mikael Anstrin and Johan Nord

Swedish based online banking provider Trustly Group AB announced that they have initiated a partnership with Collector, a Swedish digital bank. The partnership is expected to streamline the payment experience for customers of hundreds of medium and large-sized merchants across the Nordics. It aims to provide high payment limits as well as instant refunds.

This partnership is deemed to have been brought together to make the most of the popularity of online bank payments among Nordic shoppers. Online banking payments are also one of the fastest-growing payment methods in EMEA, set to overtake both credit and debit cards in popularity by 2022.

Founded in 2008, Sweden-based Trustly offers cross-border payments to and from consumer bank accounts at over 3000 banks in 29 European markets and connects businesses and consumers within e-commerce, travel, gaming and financial services.

Johan Nord, Chief Commercial Officer at Trustly, says: “We’re delighted to partner with Collector and offer our fast, simple and secure bank payment solution to their hundreds of merchants. The partnership is very much aligned with our strategy of delivering the best, most versatile and, for PSPs as well as merchants, most operationally easy-to-use bank payment solution in the markets where we operate.

Trustly and Collector Bank AB’s partnership is part of multiple deals most recent times including Alipay in Turkey with the FinTech industry seems to be experiencing a trend in providing shoppers with the most convenient shopping experience, both local and tourists along with cross-border payment solutions.

Mikael Anstrin, General Manager Payments at Collector Bank, says: “Trustly is a great match for Collector because its cross-border payment solutions are available in all of our existing markets and its vast coverage also opens up the opportunity for us to expand into new geographies. Further, the setup with Trustly is very efficient, which makes for a good operating partnership. Overall, we’re thrilled to be able to offer Trustly’s solution to our merchants.”

Established in 1999, Collector Bank offers financing solutions to private and corporate customers. They offer savings and loans, invoicing and part-payment, credit card services and financial apps, as well as, payment solutions for e-commerce and retail, factoring and corporate lending, real estate credits and assignment debt collection.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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