Kivra partners with Trustly to develop ‘enhanced’ Autogiro service

Swedish digital mailbox Kivra has teamed up with Pay by Bank provider Trustly to develop a “new generation” of Autogiro designed to make automated payments smoother and more secure.

The new service allows Kivra’s more than six million users to register direct debit with a BankID confirmation and is intended to lower the barriers to sign up.

Nearly every adult in Sweden has a BankID, which is a personal identity number used with thousands of companies and authorities in the country.

With bank account details pre-filled by the new solution, Autogiro can be activated instantly with a BankID confirmation, thereby reducing the likelihood of errors.

It also enables payments to be processed instantly, ensuring users have full control through notifications and spending limits.

According to Trustly, the benefits for businesses are improved cash flow, as well as less need for manual follow-ups and, ultimately, higher customer satisfaction by ensuring more invoices are paid on time.

Johan Tjärnberg, group chief executive officer, Trustly

“Trustly is driving the development of Open Banking on a global scale, and Sweden—with its world-class fintech sector—is the perfect market to test new innovations,” said Johan Tjärnberg, group chief executive officer of Trustly.

“Together with Kivra, we look forward to setting a new standard for the future of payments.”

Energy provider GodEl has become the first company to offer the solution, enabling its customers to make more efficient payments via Kivra.

Henrik Lönnevi, chief executive officer of Kivra, said its partnership with Trustly is an opportunity to reshape how Swedish businesses and consumers experience payments.

“With our enhanced Autogiro service, we can offer our business customers a smarter, smoother, and more efficient way to manage payments,” he added.

Further reading: Trustly teams up with Spreedly to provide US merchants with Pay by Bank