Trustly and Point & Pay Partner to Streamline Government Payments

Trustly, the global leader in Pay by Bank, and Point & Pay, a leading payment processing provider for government agencies, today announced an integrated product partnership. Point & Pay is utilizing Trustly’s Pay by Bank tools for enabling single sign-on with banks to deliver a next-generation approach to paying government obligations, reducing the occurrence of returned checks – a first in the electronic government payment platform space. 

Through integrating their respective technologies, Trustly and Point & Pay verifies bank accounts in real-time, using customers’ online banking credentials via single sign-on to confirm routing information and availability of funds. This streamlined process is expected to improve payment success rates for both consumers and government agencies by offering superior accuracy versus legacy e-check/ACH workflows flows. Trustly’s process is backed by a patented split-token security process that is more secure than traditional methods of hand-keying account information.   

This partnership also positions Trustly and Point & Pay at the forefront of regulatory compliance, as Trustly’s Pay by Bank offering is fully aligned with the Consumer Financial Protection Bureau’s (CFPB) Section 1033 ruling on Open Banking. This CFPB 1033 compliant payment solution uses Open Banking connectors to authenticate and verify accounts, ensuring that Trustly’s Pay by Bank solution delivers a more transparent and consumer-friendly experience while meeting the growing demand for secure, frictionless government payment workflows.

“The partnership represents significant progress in the adoption of Pay by Bank payments in the public sector, and establishes a clear precedent for its potential in government payment systems,” said Craig McDonald, Chief Business Development Officer at Trustly, Inc. “This collaboration helps government agencies simplify their payment systems, reduce processing costs, and improve the overall customer experience. Together, we have set a new standard for the industry.”

Said Kevin Connell, Chief Executive Officer at Point & Pay, “Point & Pay is proud to be an early adopter of Open Banking solutions, and we are excited to bring Trustly’s next-generation technology to our clients. This new approach reduces the rate of returned checks and helps us deliver enhanced modernization solutions to all our clients.”