Trustly Unveils AI-Powered Recurring Payments Solution in Europe
Trustly unveiled an artificial intelligence-powered recurring payments solution that is designed to streamline subscription payments.
By automating these payments, the new Trustly Recurring Payments aims to minimize churn and reduce fraud and payment failures, the company said in a Thursday (June 13) press release emailed to PYMNTS.
The solution is now available in seven European countries: France, Germany, Italy, the Netherlands, Spain, Sweden and the United Kingdom, according to the release.
“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,” Trustly Group CEO Johan Tjärnberg said in the release.
Trustly Recurring Payments enables businesses to accept recurring transactions directly from customers’ bank accounts, according to the release.
By doing so, it eliminates the time-consuming process of using cards and other traditional payment methods and reduces the involuntary churn rates and payment failures that result from card expirations, insufficient funds and manual entry errors, the release said.
Trustly Recurring Payments combines Direct Debit, pay-by-bank and Trustly Azura, a proprietary data engine that enhances signup processes, security measures and fund collection efficiency, per the release.
The solution also predicts the optimal times for payment success and ensures security by using biometric authorization and verified payment credentials, according to the release. It is available through a single API from one platform.
“My vision is for Trustly to become the leading next-generation payment platform, enhancing security and user experience with real-time data and outperforming traditional payment methods,” Tjärnberg said in the release. “We are making significant strides towards empowering merchants, simplifying payments and reducing uncertainties.”
Consumers are demanding more flexibility and efficiency in payment methods, and pay-by-bank solutions meet this demand effectively, Ross McFerrin, vice president of enterprise growth at Trustly, told PYMNTS in an interview posted in May.
With the advent of open banking, businesses can now establish a new connection with customers and use their banking data, Alex Gonthier, founder and CEO of Trustly, wrote in May for the PYMNTS eBook, “The Implications of Uncertainty.”
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