Government payments streamlined through partnership between Trustly and Point & Pay
Trustly and Point & Pay Partner to Revolutionize Government Payment Systems
In a significant move towards modernizing payment infrastructure, Trustly and Point & Pay have announced an integrated product partnership. This collaboration aims to simplify government agencies' payment systems, reduce processing costs, and improve the overall customer experience.
One of the key benefits of this partnership is the reduction of returned checks in the electronic government payment platform space. By transitioning payments from paper to secure, bank-to-bank digital transfers, the partnership significantly improves government payment systems by reducing returned payments and increasing payment success rates.
Trustly's technology facilitates direct bank transfers online, providing a seamless interface for citizens and organizations to submit payments digitally with immediate verification and settlement. Point & Pay integrates this solution into government payment portals, streamlining payment acceptance and reconciliation processes.
The new approach offers superior accuracy compared to legacy e-check/ACH workflows. Trustly's process is backed by a patented split-token security process, ensuring that the transactions are secure and reliable. The single sign-on process is expected to improve payment success rates for consumers and government agencies.
Point & Pay is proud to bring Trustly's next-generation technology to their clients. The integration of their technologies allows for real-time bank account verification using online banking credentials. Trustly's Pay by Bank offering uses Open Banking connectors for authentication and verification, ensuring a more transparent and consumer-friendly experience.
The partnership sets a new standard for the industry in terms of securing, frictionless government payment workflows. It positions Trustly and Point & Pay as leaders in regulatory compliance in the Pay by Bank payments sector. This partnership is in line with the Consumer Financial Protection Bureau's (CFPB) Section 1033 ruling on Open Banking.
Kevin Connell, chief executive officer at Point & Pay, expressed excitement about being an early adopter of Open Banking solutions and bringing Trustly's next-generation technology to their clients. Craig McDonald, chief business development officer at Trustly, Inc, stated that the partnership signifies significant progress in the adoption of Pay by Bank payments in the public sector.
This partnership further highlights Trustly's growing influence in various industries. The collaboration between Trustly and Point & Pay is expected to have a positive impact on government agencies' operational efficiency and reduce administrative costs linked to check processing and reconciliation. It also promises a smoother payment experience for users, encouraging timely payments and compliance.
- This collaboration between Trustly and Point & Pay targets simplifying data exchange in government payment systems, aiming to reduce processing costs and enhance the overall customer experience.
- The new partnership significantly improves global payments security by using Trustly's patented split-token security process, reducing returned payments and increasing payment success rates.
- By incorporating Trustly's technology, Point & Pay will facilitate openbanking in their solutions, providing a more transparent and consumer-friendly payment experience.
- The integration of technology from both companies will position them as global leaders in securing and frictionless government payment workflows, compliant with regulations like the CFPB's Section 1033 ruling on Open Banking.
- This partnership demonstrates Trustly's growing business influence across various industries and is expected to bring a smoother, more efficient payment process for government agencies and users alike.
