PayNearMe partners with Trustly for payment option

May 8, 2024 1:39 PM
Photo: PayNearMe
  • Rege Behe, CDC Gaming Reports
May 8, 2024 1:39 PM
  • Rege Behe, CDC Gaming Reports

PayNearMe has announced a partnership to integrate Trustly’s guaranteed ACH payment option into the fintech company’s MoneyLine platform to provide operators with access to modern banking rails for real-time deposits and withdrawals.

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The integration gives PayNearMe’s igaming and online sports betting clients the ability to accept guaranteed ACH deposits and instantly transfer winnings into player bank accounts. Players will be able to fund accounts in real-time using their secure online banking credentials and will no longer need to enter bank account details.

PayNearMe igaming clients can access pay through bank and other payment types, including cash, cards and mobile-first payment options such as PayPal, Venmo and Apple Pay, with a single integration and contract.

“Our goal is to partner with best-in-class providers to offer a single integration and platform for all our clients’ payment needs, while ensuring they have a future-proof payments roadmap,” Michael Kaplan, PayNearMe executive vice president and chief revenue officer, said in a statement. “As we continue to enhance the MoneyLine platform, we’re excited to partner with Trustly, the leader in open banking solutions for the igaming and online sports betting market. Our igaming clients get a proven, guaranteed deposit method, which reduces their risk, while their players get real-time access to deposited funds, improving their overall experience.”

“Trustly is proud to partner with PayNearMe, which shares our commitment to creating a seamless payment experience,” said Trustly Chief Revenue Officer Frederick Crosby. “This integration will streamline the transaction process and offer secure open banking payments for both operators (with instant deposits) and players (with instant payouts). We look forward to growing this partnership as the demand for open banking solutions continues to rise.”

PayNearMe’s MoneyLine platform is designed for unique regulatory and payment complexities of igaming and online sports betting. The company facilitates deposits and payouts for licensed operators in 25 states.

“There is a clear move toward open banking, and we recognize the immense value it brings to our clients,” Kaplan said. “We plan to expand our partnership with Trustly to incorporate additional open banking capabilities into our platform and enable all of our clients to benefit from this innovative technology.”

Rege Behe is lead contributor to CDC Gaming Reports. He can be reached at rbehe@cdcgaming.com. Please follow @RegeBehe_exPTR on Twitter.