Flywire is taking its European open banking playbook to North America via Trustly. The payments company says the integration reduces checkout friction for high-value bank transfers. Only 11% of U.S. consumers have actually used open banking payments.
Flywire is taking the open banking model it built in Europe and rolling it out across the United States and Canada. The payments company is partnering with Trustly to let customers authorize large domestic and cross-border payments directly from their bank accounts using their existing online banking credentials, all in their local currency.
“Our clients tell us their payers want modern, digital payment experiences that eliminate friction,” Kate Moran, vice president of global payments at Flywire, said in a statement Wednesday. “This expansion delivers exactly that – a fully online payment option that improves accuracy, reduces payment failures, and gives payers real-time visibility into their transactions.”
The two companies have worked together in Europe for nearly 20 years. The North American push marks their first major expansion outside that region. Flywire said the integration removes the need for payers to re-enter bank account information at checkout, a source of friction that often kills high-value transactions.
The broader picture is less rosy. PYMNTS Intelligence research, completed with Trustly, found that while 46% of American consumers said they would be willing to use open banking payments for at least one type of purchase – monthly bills, groceries and subscriptions drew the most interest – only 11% had actually made such a payment. The gap between stated interest and real behavior suggests adoption has a longer runway than the technology vendors project.
Trustly now counts more than 120 million users worldwide. In the U.K., where Pay by Bank has gained real traction, roughly 15 million consumers and businesses use the system – about a third of the adult population. The country's open banking network marked its billionth payment last month.
Flywire's stock carries an Alpha Score of 84 out of 100, a Strong rating in the Technology sector, putting it in the top tier of the platform's scoring model. The partnership gives the company a concrete new growth vector in a region where open banking is still finding its footing. Read the full FLYW analysis here. The question is whether demand catches up with the infrastructure.
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