What is Trustly and How Does Open Banking Work?
Trustly is a Swedish fintech company founded in 2008 that has revolutionized the way Europeans make online payments. As the leading Open Banking payment method in Europe, Trustly enables users to make instant bank transfers directly from their bank accounts without the need for credit cards, prepaid cards, or separate e-wallet accounts. The company processes billions of euros in transactions annually and serves over 525 million consumers across 30+ countries.
The core technology behind Trustly is built on the Open Banking framework established by the PSD2 directive (Payment Services Directive 2), which came into effect across the European Union in 2018. This regulatory framework requires banks to open their payment infrastructure to licensed third-party providers like Trustly. This means that when you use Trustly at an online casino, you're essentially authorizing Trustly to initiate a payment directly from your bank account through secure banking APIs.
The PSD2 directive transformed European payments by forcing banks to share customer data (with consent) with authorized third parties. Trustly was one of the first companies to leverage this regulation, creating a seamless bridge between traditional banking and modern e-commerce. This technology eliminates the need for card networks, reducing costs and increasing transaction speed.
Unlike traditional payment methods that require you to fund a separate account or register for a service, Trustly works as a payment initiation service. When you select Trustly at a casino, you'll be redirected to your bank's online banking interface (or mobile banking app), where you authenticate the payment using your regular bank credentials. This could be Mobile BankID in Sweden, Tupas in Finland, or your standard online banking login in other countries. Once authenticated, the payment is processed instantly, and you're returned to the casino with funds available immediately.
The beauty of Trustly's approach lies in its simplicity. There's no account to create, no password to remember beyond your existing bank credentials, and no balance to manage. Your bank account becomes your wallet. This direct bank transfer approach offers significant advantages in terms of security, speed, and convenience for online casino players who want to deposit and withdraw funds quickly.
The Trustly Ecosystem and Market Position
Trustly has established itself as the dominant Open Banking payment provider in Europe, particularly in the gambling sector. The company holds licenses from the Swedish Financial Supervisory Authority and is regulated as a Payment Institution under the PSD2 directive across the European Economic Area. This regulatory status ensures that Trustly operates under strict security and compliance standards.
In 2026, Trustly's network includes connections to over 6,000 banks across Europe, making it available to approximately 525 million potential users. The company has processed over 200 million transactions and continues to expand its reach. For online casinos, Trustly integration has become almost mandatory for any operator serious about serving European markets, particularly in regulated jurisdictions like Sweden, Finland, Germany, and the Netherlands.
The competitive landscape for Trustly includes traditional payment methods like Visa and Mastercard, e-wallets like PayPal and Skrill, and newer Open Banking competitors. However, Trustly's first-mover advantage in the gambling space, combined with its Pay N Play technology, has given it a substantial lead. While crypto payments have gained popularity for offshore casinos, Trustly remains the preferred choice for regulated European markets due to its compliance with local gambling regulations.