Open Banking payments provider Trustly has announced the acquisition of recurring payments provider SlimPay to better payments for merchants and consumers in Europe and the UK. SlimPay’s platform combined with Trustly’s proprietary technology is set to bring together a new and improved payment experience to the region.

Recurring payments and Trusly – SlimPay partnership details Trustly’s acquisition of SlimPay will help facilitate error-free payment registration, better conversion, and flexibility, enabling consumers to pay bills, subscribe to a service, or opt for flexible payment plans. Furthermore, the product synergy is to create an intuitive payment process for consumers leveraging Trustly’s Account-to-Account (A2A) technology and SlimPay’s SEPA Direct Debit capabilities. As per the press release, in 2022, Direct Debits totalling more than EUR 10 trillion were collected across Europe, with 80% of such transactions occurring in markets where Trustly and SlimPay have combined operations.

The combination will add to Trustly’s current modern Direct Debit capability in the UK and Sweden and offer an extensive pan-European recurring payments service. Together, the companies are to improve the payment process for merchants and consumers in the Single Euro Payments Area (SEPA), including Germany, France, Spain, and Italy. SlimPay’s acquisition follows the successful launch of Trustly Azura, a new technology and data engine set to help better the payment experience for merchants and consumers alike through personalisation and data optimisation.

With the addition of SlimPay’s recurring payments and advanced data interface to its offering, Trustly aims to further expedite Azura’s roll-out. When commenting on the announcement, Johan Tjärnberg, Group CEO of Trustly advised that the company is looking forward to having SlimPay join Trustly, as its SEPA solution for modern Direct Debit combined with Trustly Azura’s optimised experience will help revolutionise the recurring payment experience and create a new industry standard. Per their statement, the addition of SlimPay is in complete alignment with Trustly’s strategy to provide a 360-degree embedded experience across all digital payment types.

Adding on this, Jerome Traisnel, CEO of SlimPay said that together with Trustly, they are to bring a new, simplified payment experience to the European recurring payments space, creating a network of merchants and consumers across the entire repeat payment economy, and collaborating to build an innovative and comprehensive platform across Europe. A 2010-founded, recurring payments company activating in Europe, SlimPay provides digital payment solutions to merchants and consumers across utility, financial services, and retail sectors, being an authorised payment institution under ACPR supervision. The announcement further highlights that the transaction is subject to customary regulatory approvals, with both parties agreeing to not disclose financial details.

For more information about Trustly, please check out their detailed profile in our dedicated, industry-specific Company Database. .