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Flywire and Trustly Bring Open Banking Payments to US and Canada Merchants
Flywire and Trustly have expanded their partnership to enable open banking payments across the US and Canada, allowing merchants and billers to accept secure, large-value domestic and cross-border transactions directly from customer bank accounts. By offering a lower-cost, API-driven alternative to cards and wires, Flywire and Trustly directly challenge established payment processors such as FIS and Fiserv. US and Canadian banks will likely see increased demand for open banking APIs as merchant adoption accelerates, while regulators may soon address data access and security standards.