Trustly launches AI-powered recurring payments to boost European subscription economy

SME Banking
16/06/2024 News

Trustly, a global leader in open banking payments, has unveiled its AI-powered recurring payments solution, set to revolutionize how merchants handle repeat transactions with a single integration.

This advanced technology allows businesses to accept recurring transactions directly from customers’ bank accounts, bypassing traditional payment methods like cards. By addressing issues such as involuntary churn rates and payment failures, Trustly's solution enables businesses to capture and retain more revenue.

Digital Reinvention
13/06/2024 Article

Financial Innovation Spotlight: June 2024 edition

Enhancing the subscription market

The subscription market, projected to reach $1.5 trillion by 2025, stands to benefit significantly from Trustly’s new solution. It improves upon traditional Direct Debit and card setups, which often fail under high demand and diverse consumer preferences. Automating the payment process, Trustly aims to reduce the high abandonment rate at checkout.

Combining technologies for improved user experience

Trustly’s solution combines Direct Debit, account-to-account transfers, and its proprietary data engine, Trustly Azura. This integration enhances convenience, security, and reliability, optimizing customer acquisition and satisfaction. Known for pioneering payment solutions for over 15 years, Trustly leverages data to drive high conversion and retention rates.

Extending customer lifetime value

Trustly Recurring Payments, available through a single API, significantly extends customer lifetime value by facilitating smoother recurring payment plans. Following the acquisition of SlimPay, the technology can predict optimal times for payment success, mitigating issues related to insufficient funds. Enhanced fraud prevention measures, including biometric authorization, ensure transaction integrity.

CEO’s vision

Johan Tjärnberg, Group CEO of Trustly, stated: “We are leveraging AI and big data to transform the recurring payments landscape, ensuring transactions are timely and aligned with user preferences to minimize churn and increase lifetime value. My vision is for Trustly to become the leading next-generation payment platform.”

Trustly Recurring Payments is available in several European countries. The company reported $265 million in revenue for 2023, with a 79% increase in transaction value from the previous year, totaling $58 billion.

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