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Trustly launches new AI-powered recurring payments solution

By Gloria Methri

June 13, 2024

  • account to account transfers
  • Direct Bank Payments
  • Direct Debit

Trustly, Open Banking, Recurring Payments, AI, FinTech, Sweden, Europe, USOpen Banking payments expert Trustly has launched its AI-powered recurring payments solution, which streamlines merchants’ handling of repeat transactions through a single integration.

This technology enables businesses to accept recurring transactions directly from customers’ bank accounts, circumventing the limitations of traditional payment methods such as cards.

Trustly’s new solution taps into the growing subscription market, offering an upgrade over traditional Direct Debit and Card setups used by millions across Europe. These legacy methods falter under high demand and diverse consumer preferences, leading to an 8% churn due to card expirations and insufficient funds and an additional 12% of setups failing from manual entry errors.

By automating the payment process, Trustly aims to reduce the abandonment rate at checkout, where users find payment setups too cumbersome. This technology expands upon the capabilities of Trustly Azura, the company’s proprietary data engine, which has already enhanced signup processes, security measures, and fund collection efficiency.

The new solution combines Direct Debit, account-to-account transfers, and Trustly’s Azura engine, offering an unmatched experience for the end user.

Trustly Recurring Payments is a pan-European solution equipped with unparalleled local expertise, available through a single API from one platform. It significantly extends customer lifetime value by facilitating smoother recurring payment plans for services like TV streaming and leverages verified user data to foster long-term loyalty.

Johan Tjärnberg, Group CEO of Trustly, said, “We are leveraging AI and big data to transform the recurring payments landscape, ensuring transactions are timely and aligned with user preferences to minimise churn and increase lifetime value. My vision is for Trustly to become the leading next-generation payment platform, enhancing security and user experience with real-time data and outperforming traditional payment methods. We are making significant strides towards empowering merchants, simplifying payments, and reducing uncertainties.”

Trustly Recurring Payment is available in France, the Netherlands, Italy, Germany, the United Kingdom, Spain, and Sweden.

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