Open Banking payments provider Trustly has entered into a strategic partnership with Fifth Third Bank ’s Newline, an Embedded Payments platform, to augment the money movement landscape. By teaming up, Trustly and Newline are set to focus their efforts on augmenting the money movement sector, including payments through the Automated Clearing House (ACH) and Real Time Payments (RTP) networks, as well as the former’s pay by bank ecosystem.

Initially, the two companies plan to collaborate on deposits and withdrawals via ACH and RTP. Additionally, Newline’s API platform allows Trustly to transfer payments directly through Fifth Third Bank, with the latter intending to scale its payment products as part of this collaboration and meet the evolving demand for simplified and reliable payment experiences. When commenting on the announcement, representatives from Newline by Fifth Third mentioned that their company’s commitment aligns with Trustly’s, with both organisations working on optimising the payments landscape and its capabilities.

At the same time, officials from Trustly highlighted that the partnership focuses on providing secure and advanced financial solutions, with the two firms planning to continue to focus on developing user-centric banking experiences and further innovating digital payments. Trustly’s input in the payments landscape and previous partnerships Since the beginning of its operations, Trustly has been focusing on making online payments as efficient and convenient as possible. The company’s product suite currently includes a payment platform that works towards bridging the gap between consumers and merchants.

Also, the platform’s technology intends to ensure that transactions are processed in real-time, offering increased security for all parties involved. Moreover, Trustly’s solutions are leveraged by several companies, with the firm forging partnerships with brands like eBay, PayPal, and Hargreaves Lansdown in Europe and FanDuel, T-Mobile, and Coinbase in North America. According to its data, Trustly augmented the performance and experience of payments for over 9,000 merchants in over 30 markets, connecting them to 650 million consumers via 12,000 banks. In recent months, Trustly made several announcements, with the company collaborating with foodora earlier in August 2024. As part of their alliance, the two firms were set to launch a new checkout service option for foodora’s customers, initially available in Finland, followed by an expansion into other European markets, including Norway, Sweden, the Czech Republic, and Austria.

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