Trustly supports Swedish central bank’s instant settlement system

Pay by Bank provider Trustly has become the first payment provider to support RIX-INST, the Swedish central bank’s instant settlement system.

Sveriges Riksbank, the Swedish Central Bank, has two settlement services – RIX-RTGS and RIX-INST – with the former for large payments, and the latter for small and instant payments.

According to the central bank’s website, “unlike RIX-RTGS, RIX-INST is open around the clock every day of the year and settlement in RIX-INST is instant”.

It means that Trustly will be the first third-party provider to support RIX-INST-enabled instant payouts and will now offer instant payout coverage for all Swedish banks and their customers.

As a result, merchants can now instantly refund and pay out to customers of Swedish banks, including ICA Banken, Länsförsäkringar, and Skandiabanken, with no API changes required.

Trustly confirmed that this enhancement to its offering will initially be rolled out to its igaming customers, before expanding to other verticals.

Johan Tjärnberg, group chief executive officer of Trustly

Johan Tjärnberg, group chief executive officer of Trustly, called it “a significant milestone” for Trustly and the Swedish payments ecosystem.

“Offering instant payouts has always been the core of what Trustly does, with our services already supporting broader schemes, such as SEPA Inst across the eurozone, as well as local schemes, such as Straksoverførsel in Denmark,” he said.

“By now supporting RIX-INST, we have closed the final gaps in instant payouts in our home market, ensuring a faster and more reliable payment experience for businesses and consumers alike.”

In February this year, Swedish digital mailbox Kivra teamed up with 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.

Further reading: Ecospend reports ‘substantial’ rise in tax payments to HMRC using Pay by Bank