Flywire Corporation (Nasdaq: FLYW), a global payments enablement and software company, has announced expanded support for open banking payments in the United States and Canada through its partnership with Trustly. The collaboration allows payers to authorize secure, large domestic and cross-border payments directly from their bank accounts in their local currency.

The expanded partnership builds on years of successful collaboration between Flywire and Trustly across Europe and now extends support across North America. It also highlights Flywire's ability to navigate complex, global banking compliance requirements, including the distinct regulatory and technical open banking frameworks in the U.S., Canada, and Europe. Europe's open banking ecosystem has been shaped by the Revised Payment Services Directive (PSD2), which mandated banks to provide third-party payment providers access to customer account data — a framework Trustly and Flywire have operated under since their partnership began in 2017. The U.S. and Canada have taken different regulatory paths, with the U.S. Consumer Financial Protection Bureau advancing rules under Section 1033 of the Dodd-Frank Act and Canada developing its Consumer-Directed Finance framework, making multi-region expansion a non-trivial compliance achievement.

Flywire and Trustly have been partners since 2017, initially launching in Europe before broadening support to additional markets over time. Flywire focuses on high-value payment verticals such as education, healthcare, and travel, where individual transaction values are often large enough that traditional card-based fees become significant — a market need that account-to-account Pay by Bank solutions are positioned to address by bypassing card networks entirely.

"Our clients tell us their payers want modern, digital payment experiences that eliminate friction. This expansion delivers exactly that – a fully online payment option that improves accuracy, reduces payment failures, and gives payers real-time visibility into their transactions," said Kate Moran, Vice President of Global Payments at Flywire. "We're applying the open banking infrastructure we've successfully scaled across Europe to North America, enabling our clients to confidently offer their payers a proven experience."

Eliminating the Friction of Traditional Wires and ACH

When paying with Trustly Pay by Bank, payers use their existing online bank login credentials at checkout, eliminating the need to re-enter bank account information or manually type routing and account numbers. Payers authenticate and log into their bank accounts through Trustly's interface, improving accuracy, saving time, and delivering a modern, user-friendly experience. Payers also benefit from the same clear instructions and transaction status transparency that Flywire provides.

Together, Flywire and Trustly offer:

• Convenience and accuracy for payers: Payers authenticate directly via their bank portal login, reducing payment failures associated with manual data entry.
• Real-time balance checks: Trustly performs an instant balance check at authorization, identifying potential insufficient funds before processing and significantly mitigating Non-Sufficient Funds (NSF) return risks.
• Guaranteed payment outcomes and minimized reversals: For cross-border payments, Flywire manages funds during the critical return window to minimize post-settlement reversals, providing clients with predictable, guaranteed outcomes.
• Radical transparency: Payers see clear processing timelines and price transparency within the Flywire payment interface prior to authorization, reducing confusion and inbound support inquiries. There are no costly wire fees or unexpected bank charges.

A Trustly executive commented: "We are thrilled to scale our partnership with Flywire to deliver the efficiency of open banking to high-stakes payment sectors. Our latest technology stack ensures that authorizing a payment is as simple as logging into your mobile banking application, paired with the backend risk-mitigation features that global enterprises require. Together with Flywire, we are helping define the next generation of Pay by Bank experiences across the U.S. and Canada."