Trustly enables real-time deposits for Avanza Bank

26 May - 2016

Trustly enables real-time deposits for Avanza Bank

Stockholm, 26 May 2016: Trustly, the Swedish FinTech company, today announces that it has enabled real-time deposits for Avanza Bank.

Avanza is the first Swedish bank to offer its 500,000 plus customers direct deposits from other banks. This collaboration between Trustly and Avanza makes it possible for customers to transfer money to Avanza in real time from another bank account. Almost 20% of Avanza's deposits are now made via Trustly.

The conventional transfer system between banks only allows transfers to take place a few times during each business day. Trustly's payment engine now enables considerably faster transfers between bank accounts from other banks, with a user interface that is simple and secure.

Martin Tivéus, CEO at Avanza commented: "We know that customers want to make deposits instantly and not wait for hours - or in the worst case, days - to transfer money to their Avanza account. We are pleased with our successful collaboration and thanks to Trustly, money is now transferred in seconds, even in the evenings and on weekends when the ordinary clearing system is closed."

Carl Wilsson, CEO at Trustly said: "We are delighted to be collaborating with Avanza and this is a fantastic opportunity to further consolidate our position within the important financial services customer vertical, where we have a product that is unique in the market. Avanza is an innovative bank that puts customer experience first. Our product for real-time bank transfers meets both Avanza's and its customers' needs for speed and simplicity."

The collaboration began in December 2015 when direct deposits were launched for desktop platforms. The service was then extended to mobile platforms and Avanza's mobile app in April 2016. Since then, the average time for Avanza customers to make a deposit has dramatically reduced from 14,000 seconds to 10 seconds. Two months post launch, Trustly direct deposits account for almost 20% of all Avanza deposits. In total, Trustly has facilitated 115,000 direct deposits at a value of 2 billion Swedish Krona (approximately £163 million).

The service supports deposits to Avanza from Handelsbanken, Nordea, SEB, Swedbank and Danske Bank. The most common authentication methods, including Mobile Bank ID are supported.

Founded in 2008, Trustly Group AB is a Swedish FinTech company providing simple, safe and convenient online payment solutions across Europe. It is recognized by FinTechCity London as one of the European companies destined to revolutionize the financial services sector. In 2014, Trustly was ranked among Sweden's fastest growing technology companies on the Deloitte Technology Fast 50 list.

Trustly has 105 employees, operates in 29 countries and connects over 100 banks across the continent.

Trustly is an authorized Swedish payment institution under the supervision of the Swedish Financial Supervisory Authority. The company conducts payment services in accordance with the Payment Services Act (2010:751) and can provide cross-border payment services within the EU/EEA. Read more at www.trustly.com.

Press contact

Stefan Backlund, Head of Marketing & Communication

Stefan Backlund

Head of Marketing & Communication
Marketing, communication, all media and press.

0046-70-8628489