Trustly and MoneyGram International have joined forces to offer cardless international money transfers to millions of MoneyGram users in Europe. This collaboration allows users to make payments directly from their bank accounts when sending money internationally through MoneyGram Online (MGO).
According to a recent press release, this service is now available in select European countries, including the United Kingdom and Germany. Jussi Lindberg, chief revenue officer at Trustly Europe, expressed excitement about the partnership and the ease it brings to transferring money across borders.
The cardless payment feature is made possible through Trustly’s Azura data engine, offering financial institutions near-instant payments and robust know your customer (KYC) capabilities. These capabilities complement MoneyGram’s existing financial technology platform, making international money transfers more seamless.
With this new offering, MGO users no longer have to manually enter their card details on the app. Sara Vassar, chief product officer at MoneyGram, emphasized the company’s commitment to innovation and providing secure and convenient solutions for global money transfers.
Pay-by-bank, also known as account-to-account (A2A) payments, is gaining popularity among consumers, with 36% of U.S. consumers using this payment method. The convenience, simplicity, security, and speed of pay-by-bank payments have contributed to high consumer satisfaction.
In a related development, Klarna recently announced open banking-powered settlements in the United Kingdom, allowing consumers to pay directly from their bank accounts. Dwolla also expanded its services with open banking capabilities for mid- to enterprise-sized businesses to offer fast and secure A2A payments.
Overall, the collaboration between Trustly and MoneyGram represents a step forward in making international money transfers more efficient and accessible for users in Europe.
