Flywire Boosts US/Canada Payments with Open Banking

Flywire has expanded its open banking payment capabilities in the United States and Canada via an enhanced arrangement with Trustly. This collaboration enables customers to directly approve substantial domestic and international money transfers from their bank accounts, utilizing local currencies. The initiative extends a partnership previously established in Europe, now offering broader coverage across North America. Under the Trustly Pay by Bank system, users authenticate payments using their existing online banking login details during checkout, bypassing the need to re-enter account information. This process ensures a streamlined, digital experience that improves accuracy and reduces payment failures for payers. The companies noted that this method simplifies payments by eliminating manual entry of routing and account numbers. Trustly also performs immediate balance checks during authorization, flagging potential insufficient funds before processing to mitigate Non-Sufficient Funds (NSF) returns. For international transactions, Flywire has implemented measures to decrease the likelihood of reversals post-settlement by managing funds during the relevant return periods. Executives from both companies expressed enthusiasm for scaling the partnership, highlighting the efficiency and security benefits of open banking for high-value transactions.