ACE Money Transfer achieves 40% growth in remittances with Trustly’s pay by bank
The collaboration between ACE Money Transfer, an international financial service provider, and Trustly, a company in global open banking payments, has transformed the remittance landscape. Customers have benefited from this partnership through personalised remittance experiences featuring competitive exchange rates, low transfer costs, and enhanced security.
Since its inception in 2021, the partnership between ACE Money Transfer and Trustly has driven a remarkable 40% increase in remittance volumes. This growth has enabled expatriates to send money home more easily, and the trend is expected to continue, reinforcing the companies' positions as leaders in secure and efficient fund transfers.
Central to this success has been the utilisation of Ecospend’s Pay by Bank solution, a Trustly company. This account-to-account (A2A) payment method has played a crucial role in their collaboration, offering notable benefits such as bypassing card networks to reduce fees for both ACE Money Transfer and its customers. This has resulted in faster, easier remittances through customers' familiar online banking platforms.
ACE has established itself in the adoption of open banking, driving a 25% business expansion through its innovative approach. Open banking has enhanced security by mitigating card fraud risks and enabling instant fund transfers, aligning perfectly with ACE's mission to provide secure, instant, and convenient remittance solutions for global expatriate communities.
Recognising the advantages of open banking, ACE Money Transfer has actively promoted the use of Pay by Bank. Customers opting for this method are incentivised, leading to wider adoption of this secure and efficient payment system, benefitting all parties involved.
Jussi Lindberg, Chief Revenue Officer at Trustly, emphasises the partnership's impact: "Our collaboration with ACE Money Transfer exemplifies the long-term benefits of Open Banking. Together, we've streamlined the remittance process, offering significant cost savings and a more convenient experience for millions of users."
Rashid Ashraf, CEO of ACE Money Transfer, adds: "The increasing popularity of A2A payments underlines the customer appeal. By incentivising the customers to opt for A2A payments, we're fostering wider adoption and unlocking the full potential of Open Banking for a more efficient future for remittances."
This enduring partnership prioritises customer experience. By continuously exploring new technologies, ACE Money Transfer and Trustly aim to deliver even faster, more affordable, and user-friendly remittance solutions for all.
