PayNearMe and Trustly announce open banking technology partnership

May 7, 2024
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PayNearMe currently handles deposits and payouts for licensed operators in 25 states.

In order to provide operators with access to modern banking options for real-time deposits and withdrawals, Trustly has partnered with PayNearMe, integrating Trustly’s Open Banking solution. 

PayNearMe’s iGaming and online sports betting clients can now accept guaranteed Automatic Clearing House (ACH) deposits and instantly transfer winnings into player bank accounts. By being able to fund accounts in real-time using secure online banking credentials, players benefit by no longer needing to enter bank account details.

“Our goal is to partner with best-in-class providers to offer a single integration and platform for all our clients’ payment needs, while ensuring they have a future-proof payments roadmap. As we continue to enhance the MoneyLine Platform, we're excited to partner with Trustly, the leader in open banking solutions for the iGaming and online sports betting market,” PayNearMe EVP and Chief Revenue Officer Michael Kaplan said. 

“Our iGaming clients get a proven, guaranteed deposit method, which reduces their risk, while their players get real-time access to deposited funds, improving their overall experience.”

PayNearMe's MoneyLine platform was built to navigate the regulatory and payment complexities of iGaming and online sports betting. The company currently handles deposits and payouts for licensed operators in 25 states. Clients can access pay by bank and other available payment types including cash, cards and mobile-first payment options like PayPal and Venmo through the new integration.

“There is a clear move toward open banking and we recognize the immense value it brings to our clients. We plan to expand our partnership with Trustly to incorporate additional open banking capabilities into our platform and enable all of our clients to benefit from this innovative technology,” Kaplan said. 

Trustly currently serves over 8,000 merchants and connects consumers to banks located in 30 different countries. 

Chief Revenue Officer at Trustly, Frederick Crosby, commented “Trustly is proud to partner with PayNearMe, which shares our commitment to creating a seamless payment experience. 

“This integration will streamline the transaction process and offer secure Open Banking Payments for both operators (with instant deposits) and players (with instant payouts). We look forward to growing this partnership as the demand for Open Banking solutions continues to rise.”

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