Using Open Banking means payment speeds are as low as 10 seconds, making the checkout significantly quicker – Trustly
The checkout technology will be provided by Trustly, the global leader in open banking payments. „Lenovo is offering the new technology to its customers as a quick, easy, and safe way to pay. The service will provide customers with an alternative payment method that is less vulnerable to fraud, compared to other forms of payment such as credit or debit cards.” – according to the press release.
„Trustly’s figures show its e-commerce platform has a fraud rate of 0.01%, significantly lower than other forms of payment. The checkout technology is more secure, when compared with traditional payment methods, as it allows customers to pay for Lenovo products and services directly from their bank account. It will be seamlessly integrated and operate with high levels of security, ensuring that customer data is protected while enhancing their payment experience.” – the company explained.
Trustly uses data encryption in transit and customer banking details are never stored to improve security. In addition to bank-level security, it has „the highest encryption standard available” – according to the company.
Lenovo will benefit from Trustly’s unique collection model, which offers „the fastest possible settlement”, and instant refunds for customers, giving Lenovo greater flexibility in its payments system. „The technology is also available at a lower cost than traditional credit and debit card payments.” – the company added.
Jussi Lindberg, Chief Revenue Officer, Trustly, comments: “We are thrilled Trustly is now available as a payment method for Lenovo’s customers. Our technology provides customers with a simple, fast, and secure way to pay. Using Open Banking means payment speeds are as low as 10 seconds, making the checkout significantly quicker. We’re excited for Lenovo’s customers to use our technology for an enhanced payment experience.”
Angus Cormie, Head of eCommerce, EMEA Lenovo, said: “We’re always looking for ways to transform our payment experience with innovative technology. Offering Trustly’s Open Banking checkout service allows us to improve the checkout experience for our customers. The service will give our customers more choice with the option of using this quick and secure technology when making purchases.”
Consumers are protected under applicable consumer rights laws as well as payment service regulations in the EU and UK.
_____________
Trustly was launched in 2008 and has grown rapidly over the past 16 years to become a global leader in open banking payment solutions. With a mission to make online payments as seamless as possible, Trustly offers an innovative payment platform, bridging the gap between consumers and merchants.
Trustly’s dedication to revolutionising the payments industry is reflected in its partnerships with major brands such as PayPal, eBay, and Hargreaves Lansdown. To date, Trustly has transformed the performance and experience of payments for over 9,000 merchants in 30+ markets, connecting them to 650+ million consumers through 12,000 banks.
Trustly is a licensed Payment Institution under the second payment services directive (PSD2). It operates under the supervision of the Swedish Financial Supervisory Authority in the EU, EEA and the Financial Conduct Authority in the UK. In the US, Trustly is state-regulated as required to serve its target markets.
Lenovo is a US$57 billion revenue global technology powerhouse, ranked #217 in the Fortune Global 500, and serving millions of customers every day in 180 markets. Focused on a bold vision to deliver Smarter Technology for All, Lenovo has built on its success as the world’s largest PC company with a pocket-to cloud portfolio of AI-enabled, AI-ready, and AI-optimized devices (PCs, workstations, smartphones, tablets), infrastructure (data center, storage, edge, high performance computing and software defined infrastructure), software, solutions, and services.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
