Swedish fintech firms Kivra and Trustly have developed a new direct debit service that simplifies automatic payments, allowing users to register direct debits with confirmation via BankID for easier registration.
The release said that the solution can lead to more timely payments, reduced administration, and a better customer experience for companies.
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This collaboration between Kivra, with over six million users, and Trustly is focused on developing more secure automatic payment solutions.
The solution is said to be faster for users, as bank account details are pre-filled and direct debits can be confirmed with BankID.
The company claimed this reduces errors and increases the success rate of service activation.
Payments are made automatically, and users are provided with control over their payments through notifications and amount limits.
The solution is expected to help companies by ensuring more invoices are paid on time, reducing the need for manual follow-up and streamlining administrative tasks.
Trustly CEO and MD Johan Tjärnberg said: “Trustly is leading the development of Open Banking globally, and Sweden – with its world-leading fintech sector – is the perfect place to test new innovations. We look forward to setting a new standard for future payment solutions together with Kivra.”
Kivra CEO Henrik Lönnevi said: “At Kivra, we see the partnership with Trustly as an opportunity to change how Swedish businesses and consumers experience payments. With our new, improved direct debit service, we can offer our corporate customers a smarter, smoother and more efficient way to handle payments.”
The service was launched during Stockholm Fintech Week, Sweden’s largest fintech conference. Electricity supplier GodEl was the first to use the service.
Last week, Trustly partnered with open payments platform Spreedly to provide merchants with full access to Pay by Bank, improving payment efficiency in both regional and global markets.
