Payments orchestration platform Gr4vy has expanded its partnership with open banking payments firm Trustly.
The extended collaboration, announced Tuesday (June 25), will bring Gr4vy’s services to Europe, and follows an earlier partnership in the U.S. last year.
“The partnership allows Gr4vy’s online merchants to include Trustly as a payment option, offering greater flexibility and convenience to customers,” the companies said in a news release. “Through the integration with Trustly, Gr4vy’s merchants benefit from improved approval rates as well as payment acceptance costs.”
The team-up lets Gr4vy and Trustly bring these benefits to clients doing business in the European market and unlock a new phase of growth for the companies, the release added.
The two companies also teamed up in 2022, with Trustly becoming a payment option on Gr4vy’s cloud-based payments platform.
Meanwhile, PYMNTS spoke recently with Nate Marquiss, head of financial services at Trustly, and Johnson Cook, co-founder and president of Greenlight, to explore the vast potential for the growth of open banking in the U.S. market.
“One of the significant advantages of open banking is its potential to revolutionize payment systems,” that report said. “Open banking payments, or pay-by-bank methods, offer an alternative to traditional card payments.”
These payments can be processed in real time, lowering the costs connected with card transactions and eliminating the risk of chargebacks, Marquiss told PYMNTS.
But in spite of these benefits, open banking is still relatively new to the U.S. market, with one recent survey showing that just 11% of American adults had used open banking payments in the last year, chiefly due to a lack of familiarity and understanding of the system.
However, as understanding and awareness increase, the adoption of open banking is likely to grow, fueled by the demand for seamless, instant financial services — especially from younger generations.
“It’s a new experience. A lot of users are unfamiliar with it,” said Marquiss, stressing the need for education and awareness about the advantages of open banking.
Addressing the adoption of open banking by younger generations, he said, “They don’t want to seek out their account routing number. They don’t want to get out their checkbook or their wallet or purse, et cetera. They want instant gratification, ease of use, less friction.”
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