Trustly is a Swedish licensed Payment Institution and holds a license according to PSD 2007/64/EG, which has been implemented into Swedish law by the Swedish Payment Service Act (2010:751). Moreover, Trustly is under supervision by the Swedish Financial Supervisory Authority and is bound by strict regulations relating to the processing of payments.
Trustly provides a piece of software, which increases the convenience for the payment service user when depositing or paying online. When using Trustly, you initiate and confirm a specific transaction that is then carried out in accordance with your exact instructions and in compliance with security standards and applicable law. As a consumer and online banking user, you have the right to choose the payment services provider that best fits your needs. This may or may not be a bank-owned service. Trustly's obligations vis-a-vis you and the way Trustly initiates payments and processes sensitive data are explained in the user agreement in which Trustly's service is conditional.
Trustly Group is a licensed payment institution under the supervision of the Swedish Financial Supervisory Authority and as a regulated payment institution is subject to capital requirements and complies with applicable payment services legislation, including its liability clauses. If Trustly for some reason would process a transaction erroneously, we have to compensate the affected user.
The type of service offered by Trustly is a so called payment initiation service, a type of service which is gaining popularity across multiple European countries and which by many consumers is preferred over other payment methods. One of the benefits of Trustly is that the execution of a deposit requires strong authentication, i.e,. a transaction cannot be made unless you as a consumer provide your online banking credentials, including the one-time code which only you have access to. These credentials are transmitted to your bank in order to execute the payment. Your credentials are not stored anywhere and in any event could not be used to initiate another payment given the dynamic (one-time-off) character.
You are right to be security aware and cautious with your personal information. However, we want to ensure you that a Trustly deposit is just as safe as any other payment you make. Trustly complies with the same security standards, including data handling and encryption, as your bank.