Slovakia-based payment service provider TrustPay has extended its licence to include a Payment Initiation Service Provider (PISP) licence looking to expand its reach and offering. With this licence extension, TrustPay is enabled to provide to its clients increasingly more simplified payment experiences, as well as a more extensive range of financial services.

TrustPay offering and what the PISP licence entails As detailed in the company’s press release, with the PISP licence, TrustPay now has the option of initiating payments straight from its clients’ bank accounts on their behalf, thus enabling transactions in a more fast and secure manner. This new capability is useful for ecommerce and online payments in particular, where payment processing that is quick and reliable is believed to be of high importance. TrustPay company officials commented on the announcement and advised that the Payment Initiation Service Provider licence extension is set to enable the company to provide a wider range of payment services to their customers and meet their evolving needs.

The licence marks a step forward for the company and their clients, and they believe that it will bring increased value to their offering. Having been activating within the payments industry, the company believes the licence extension to be a testament to its commitment towards providing to its clients the ‘best possible’ payment solutions, and the company plans to leverage the PISP licence to bring to its clients new and improved payment experiences. TrustPay company information and past developments The company was founded in 2009 and it provides online payment solutions, card acquiring services, cross-border B2B services and corporate accounts, including features of the likes of API banking, virtual IBANs, as well as prepaid cards.

Furthermore, TrustPay is a principal member of Visa, Mastercard, and UnionPay. In May 2022, the company announced that it had enabled its clients to pay and receive payments from SEPA countries in an instant manner. At the time of the announcement, instant payments made up approximately 12% of all SEPA payments, and, following the constant development of the ecommerce space, their relevance grew.

With this solution, the company was aiming to provide increased choice and flexibility with a ‘frictionless’ and real-time payment instrument, with the addition of SEPA Instant believed to be a first step towards offering an increased number of products related to real-time payments. In March of the same year, the company partnered with BaoCompra to add Pix (a payment method for instant direct bank transfers) and Boleto (a Brazilian cash-based payment method) to its local payment methods in Brazil. Following this collaboration, TrustPay was enabled to serve its Brazil-based users, offering the various payment experience they expect alongside the possibility to opt for their favourite payment method, thus promoting customer conversion.

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