Trustly has partnered with Futon Company to introduce its ‘pay by bank’ service to their customers. According to the companies, the collaboration enables a simpler, safer, and more efficient payment journey for millions of consumers.

‘Pay by bank’ is an account-to-account payment method that has gained significant traction over the past year.

When opting for ‘pay by bank,’ consumers are directed to their mobile banking app or online banking portal, where they can execute instant payments. The solution automatically fills in all necessary payment details, such as the recipient’s bank information and the payment amount, streamlining the transaction process. This method is poised to become the mainstream alternative to traditional payment methods.

Reducing dependency on card payments, eliminating intermediaries

With transactions averaging £200, security is paramount. The platform ensures each transaction is protected by bank-grade security measures, enhancing safety and reducing fraud risk. Additionally, Futon Company’s partnership with Trustly, which reported record growth last month, will allow them to decrease dependency on conventional card payments and lower operational costs by eliminating intermediaries.

Jussi Lindberg, Chief Revenue Officer at Trustly, said: “Open banking payments are rapidly becoming the preferred payment method. We’re excited to enhance the checkout experience for Futon Company’s customers. This solution allows Futon Company to tailor its checkout process, improving conversion rates and delivering top-quality service. We’re committed to expanding open banking solutions across the UK and helping as many companies and customers as possible benefit from its advantages”

Vladimir Pomitun, Ecommerce Director at Futon Company, added: “Futon Company is thrilled to partner with Trustly to provide our customers with an exceptional payment experience. We are excited to lead in this evolving technological field, showcasing the significant cost savings and efficiency improvements it offers both us and our customers.”

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