Trustly and MoneyGram International have partnered to enable millions of MoneyGram users in Europe to make cardless international money transfers.
With the service enabled by this collaboration, users can pay directly from their bank accounts when sending international money transfers through MoneyGram Online (MGO), the companies said in a Wednesday (March 20) press release.
This service is now available select European countries, including the United Kingdom and Germany, according to the release.
“With this partnership, we look forward to giving consumers the ability to transfer money with ease, leveraging our collective cross-border capabilities and market-leading reliability,” Jussi Lindberg, chief revenue officer at Trustly Europe, said in the release.
The cardless payment capability is powered by Trustly’s proprietary data engine, Azura, which provides financial institutions with a pay-with-bank infrastructure that includes near-instant payments and know your customer (KYC) capabilities, the release said.
These capabilities have been added to MoneyGram’s financial technology that connects the world’s communities, per the release.
For MGO users, this new offering eliminates the need to manually enter their card information on the app, the release said.
“For over eight decades, MoneyGram has been at the forefront of innovative, secure and convenient global money transfer solutions, meeting the dynamic needs and preferences of our customers,” Sara Vassar, chief product officer at MoneyGram, said in the release. “We’re excited to partner with Trustly to continue to streamline the money transfer process for more consumers across Europe.”
PYMNTS Intelligence has found that pay-by-bank, also known as account-to-account (A2A) payments, are gaining popularity among consumers.
In the United States, 36% of consumers use this payment method, according to “Tracking the Digital Payments Takeover: Consumer Familiarity Controls Account-to-Account Payment Growth,” a PYMNTS Intelligence and AWS collaboration.
Consumer satisfaction with pay-by-bank has been driven by the payment method’s convenience, simplicity, ease of use, security and speed, the report found.
In another recent development in this space, Klarna said Thursday (March 14) that it is now offering open banking-powered settlements in this United Kingdom, enabling consumers to pay Klarna directly from their bank account.
In February, Dwolla added open banking services that let mid- to enterprise-sized businesses offer fast and secure A2A payments through Dwolla’s application programming interface (API).