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​Forget OCR! Trustly revolutionizes how to pay your invoice

Press release   •   May 29, 2019 10:00 UTC

Stockholm, Sweden, 29 May 2019 – Swedish FinTech company Trustly is pleased to announce the launch of its latest product, Pay Your Invoice, which simplifies and automates invoice payments. For consumers, it means they never have to think about OCR numbers ever again. For e-commerce merchants, it decreases administrative costs while letting them maintain ownership of the consumer relationship.

With Trustly’s new Pay Your Invoice product, consumers can pay their invoice using a Trustly bank transfer. To do so, consumers can just click “Pay invoice” from the merchant’s portal, select which of their bank accounts they wish to pay from, and sign the payment with Mobile BankID. Consumers who have registered a digital direct debit mandate through Trustly can schedule the date of future payments with just one click. This flow drastically simplifies the traditional invoice payment flow, in which consumers receive an invoice by mail or email and then log into their online bank and manually enter long receiving account numbers and OCR numbers, leaving much room for error.

In contrast to other payment providers that make consumers leave the merchant site to pay, Trustly’s solution lets e-commerce merchants own the post-purchase experience, increasing the number of consumer touchpoints and opportunities for retargeting. It also helps merchants and finance providers solve reconciliation issues and reduce administrative costs associated with processing invoices.

Swedish e-commerce pioneer Ellos is the first merchant to offer Trustly’s Pay Your Invoice product, enabling its customers to pay their invoices without having to leave its website.

Josef Darmark, Chief Product Officer at Trustly, says: “In our increasingly mobile world, paying invoices can be clunky and consumers dread typing in long OCR and account numbers. Trustly’s new Pay Your Invoice product does away with that step, making it easier than ever to pay by invoice at their convenience. It’s also a great solution for merchants because it helps them increase revenues by taking full control of the customer experience while also decreasing administrative costs.”

Trustly’s Pay Your Invoice product is currently available in Sweden and will soon go live with additional merchants in e-commerce, financial services and travel sectors.

About Trustly

Founded in 2008, Trustly Group AB is a Swedish FinTech company that makes online banking e-payments fast, simple and secure. The company offers cross-border payments to and from consumer bank accounts at over 3,000 banks in 29 European markets and connects businesses and consumers within e-commerce, travel, gaming and financial services. In 2017, 2018 and 2019, the Financial Times ranked Trustly as one of the fastest growing companies in Europe on the FT1000 list and the London Stock Exchange recognized Trustly as one of Europe’s most inspiring, fast-growing companies.

Trustly has 300 employees and is headquartered in Stockholm, Sweden, with regional offices in Finland, Spain, Malta, Germany and the UK. Trustly is a licensed Payment Institution under the supervision of the Swedish Financial Supervisory Authority, with a license to provide payment services within the EU/EEA since 2010 which subsequently was reauthorized under 2018 under PSD2. Trustly is a licensed Payment Institution in accordance with the second payment services directive (PSD2) and is entitled to provide among others payment initiation services. Trustly is under the supervision of the Swedish Financial Supervisory Authority