Trustly and Cross River Lead RTP® Adoption Approaching 10% of Total Network Volume
SAN CARLOS, Calif.–(BUSINESS WIRE)–Trustly, a global leader in Open Banking Payments, is proud to announce that it is seeing tremendous adoption of its Real-Time Payments (RTP®) service and has become one of the largest originators on the RTP® network. Specifically, Trustly’s RTP® volume grew 29% in transaction volume and 31% in payment value from Q2 2023 to Q3 2023.
Trustly’s mission has always been to make its account-to-account payments platform the most advanced “pay with bank” service available. Since launching instant payouts in the US in partnership with Cross River, a financial services and technology infrastructure provider that offers embedded financial solutions, Trustly has enabled merchants to provide said instant payouts to their customers. The rapid adoption of its RTP® service has led Trustly to now be approaching 10% of the RTP® network’s total transaction volume.
Q3 2023 reports from The Clearing House show that there were 64 million transactions, up 11% from the previous quarter, totaling $34 billion in transaction value, up 18% from the previous quarter. Trustly, alongside its banking partner, Cross River, an early participant in the RTP® network and the second largest RTP® originator in November, has been instrumental in the rail’s growth. In fact, Trustly’s year-on-year RTP® growth from Q3 2022 to Q3 2023 has exploded over 160%, significantly outpacing the network’s year-on-year growth.
Since its launch in 2017, RTP® has grown steadily in volume, with hundreds of financial institutions currently using the network. Trustly and Cross River will continue to foster its adoption as RTP® matures and more merchants and consumers realize its benefits.
“This partnership with Trustly falls right into Cross River’s mission to drive innovation across financial services,” said Gilles Gade, Founder and CEO of Cross River. “Trustly is one of very few fintechs who have revitalized the payment industry and have met the consumer demands for real-time access to funds. We are proud to partner with Trustly as a first mover in providing a regulated, compliant, and highly efficient real-time payments platform. Our top-3 ranking in RTP® transactions is a testament to the rapid customer adoption of our mutual vision, and execution.”
“We’re proud to be leading RTP® adoption with our longstanding partner, Cross River Bank,” said Alexandre Gonthier, Founder and CEO of Trustly, Inc. “As we drive RTP® to the forefront of the payments industry, Trustly will strive to provide merchants with the tools they need to increase consumer satisfaction and gain payment independence from cards.”
About Trustly
Founded in 2008, Trustly is a global leader in Open Banking Payments. Our digital account-to-account platform redefines the speed, simplicity, and security of payments, linking some of the world’s most prominent merchants with consumers directly from their online banking accounts. Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to traditional card networks at a lower cost. Today we serve 8,300 merchants, connecting them with 650 million consumers and 12,000 banks in over 30 countries. In 2022, we processed over $42 billion in transaction volume on our global network.
About Cross River
Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, and lending solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.
Real-Time Payments are powered by Cross River Bank. Recipients typically receive the payment within seconds of the sending bank initiating the transaction; RTP® network receiving financial institutions are required to make funds available immediately, except where necessary for risk management or legal compliance purposes.
Contacts
Andres Suay
VP Marketing, Trustly Americas
+1 (650) 649-8765
[email protected]
Mackenzie DeLuca
Cross River
201-808-7000 ext. 778
[email protected]
