Financial service provider ACE Money Transfer has revealed a high level of growth and success, thanks to its partnership with Trustly, the global open banking payments firm.
Since the partnership began in 2021, ACE Money Transfer and Trustly have supported a 40 per cent growth in remittance volume by enabling expats to send money home seamlessly. Both entities expect this upward trend in remittances to continue, solidifying both companies as leaders in the secure and efficient transferring of hard-earned funds.
By joining forces, the firms are looking to offer customers a more personalised remittance experience, as well as competitive exchange rates, low transfer costs, and enhanced security on remittances.
Jussi Lindberg, chief revenue officer at Trustly, discussed the partnership: “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.”
ACE Money Transfer and Trustly are leveraging Ecospend, Trustly’s Pay by Bank solution to drive growth in remittances. The account-to-account (A2A) payment method has become an important part of their collaboration, offering lower fees for both ACE Money Transfer and its customers. Customers also enjoy faster and easier remittances directly through familiar online banking platforms.
Recognising the value of open banking, ACE Money Transfer actively promotes the use of Pay by Bank. Customers who choose this method are incentivised for wider adoption of this secure and efficient payment method, resulting in a win-win for all parties involved.
Backing open banking
ACE Money Transfer explained that this approach supported 25 per cent business expansion. It says open banking fosters a secure environment through card fraud risk mitigation while also enabling instant funds transfer – perfectly aligning with ACE’s mission of serving global expat communities with secure, instant, and convenient remittance solutions.
Rashid Ashraf, CEO of ACE Money Transfer, also added: “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.”
By exploring new technologies, ACE Money Transfer and Trustly hope to deliver faster, more affordable, and user-friendly remittance solutions for their customers.
The post ACE Money Transfer and Trustly Celebrate Streamlined Remittances Following Partnership appeared first on The Fintech Times.
