Overview of Trustly
Trustly is a leading payment solution that has gained significant traction in the iGaming industry. This open banking platform offers a secure and user-friendly way for players to make instant deposits and withdrawals directly from their bank accounts.
| Feature | Description |
|---|---|
| Type | Open Banking Payment Solution |
| Founded | 2008 |
| Headquarters | Stockholm, Sweden |
| Parent Company | Trustly Group AB |
| Available Countries | 29+ European countries |
| Currencies Supported | Multiple |
| Maximum Transaction Amount | Varies by country |
| Fees | Varies (often free for deposits) |
What is Trustly?
Trustly is an innovative payment solution that acts as a middleman to facilitate direct bank transfers between players and online casinos. It allows users to make instant deposits and withdrawals without the need for a separate e-wallet or credit card. Trustly’s technology integrates seamlessly with online banking systems, providing a frictionless payment experience for iGaming enthusiasts.
Trustly History
Trustly was founded in 2008 in Stockholm, Sweden. Over the years, it has expanded its reach to become a global payment solution, now available in over 29 European countries. Trustly has amassed a user base exceeding 525 million consumers, all enjoying the advantages of secure and lightning-fast transactions. In 2021, Trustly processed over €10 billion in transaction volume, solidifying its position as a leading payment provider in the iGaming industry.
How to Integrate Trustly
Integrating Trustly into your iGaming platform involves several steps:
- Contact Trustly or a payment solution provider to discuss integration options.
- Complete the necessary compliance and due diligence checks.
- Choose between direct API integration or using a payment gateway that supports Trustly.
- Implement the technical integration, following Trustly’s documentation.
- Test the integration thoroughly before going live.
The exact process may vary depending on your specific needs and the size of your operation. Trustly offers a simplified boarding process:
- Our merchant implementation team completes the online boarding form and submits it to Trustly.
- Trustly completes KYC (Know Your Customer) procedures.
- Trustly sets up a new processing account for your business.
- We configure pre-production and production credentials for you.
- You run end-to-end testing with the support of our merchant implementation team.
- Go live!
Working with a specialized iGaming payment solutions provider can streamline this process and ensure a smooth integration.
How Trustly Functions as a Casino Payment Solution
Trustly offers a straightforward and secure method for players to fund their casino accounts and withdraw winnings. Let’s explore how it works for both deposits and withdrawals.
Depositing Funds
- Player selects Trustly as the payment method at the casino’s cashier.
- They are redirected to the Trustly Banking website, where they can select their bank.
- The player securely logs in to their online banking using their regular credentials.
- They confirm the payment directly from their online banking interface.
- Funds are instantly transferred to the player’s casino account.
This process is quick and doesn’t require the player to share any personal financial information with the casino.
Withdrawing Funds
- Player requests a withdrawal to their bank account via Trustly.
- The casino processes the withdrawal request.
- Funds are transferred directly to the player’s bank account.
- Trustly sends a payout confirmation to the merchant’s system.
Withdrawals with Trustly are typically faster than traditional bank transfers, often completed within 24 hours.
Pros and Cons of Using Trustly at Online Casinos
Pros of Trustly
- Instant Deposits: Funds are available immediately after the transaction is confirmed.
- Enhanced Security: Players don’t need to share bank or credit card details with the casino.
- Wide Acceptance: Trustly is accepted by numerous online casinos and sportsbooks.
- No Registration Required: Players can use Trustly without creating a separate account.
- Low Fees: Many casinos offer free deposits and withdrawals via Trustly.
Cons of Trustly
- Limited Availability: Trustly is primarily available in European countries.
- Bank Account Required: Players must have online banking access to use Trustly.
- Potential Bank Fees: Some banks may charge fees for Trustly transactions.
- Not Universal: While popular, not all online casinos support Trustly.
- Currency Conversion: Fees may apply for transactions involving currency conversion.
Safety and Security of Trustly
Trustly prioritizes security in online transactions, making it a trusted payment solution for iGaming operators. The company employs several measures to protect users:
- Bank-Level Encryption: All transactions are encrypted using 256-bit SSL technology.
- Two-Factor Authentication: Users can enable 2FA for added account security.
- Regulatory Compliance: Trustly is a licensed payment institution authorized and supervised by the Swedish Financial Supervisory Authority.
- No Data Storage: Trustly never stores any information that can be used to access a customer’s bank account.
For casino operators, Trustly offers a secure payment solution that can help reduce the risk of chargebacks and fraud. The embedded Strong Customer Authentication (SCA) ensures compliance with regulatory requirements while maintaining a smooth user experience.
Available Countries
Trustly is available in over 29 European countries, including:
- Sweden
- Finland
- Denmark
- Norway
- Germany
- Austria
- Spain
- Italy
- Netherlands
- Estonia
- Latvia
- Lithuania
- United Kingdom
Trustly is continuously expanding its reach, with plans to enter new markets. Always check the most up-to-date information when considering integration.
Summary
Trustly offers a unique and secure payment solution for the iGaming industry. Its open banking technology enables instant deposits and fast withdrawals, providing a seamless experience for players. For casino operators, Trustly can help attract new customers, reduce fraud risks, and streamline payment processes.
While there are some limitations, such as geographical restrictions, the benefits of enhanced security, instant transactions, and wide acceptance make Trustly a valuable addition to any online casino’s payment options. As the iGaming industry continues to evolve, Trustly remains at the forefront of innovative payment solutions.