Lenovo launches Open Banking at checkout with Trustly

Global technology company Lenovo has launched an Open Banking at checkout service for its customers in the UK and Continental Europe which is provided by Trustly.

The new technology will enable customers to pay for Lenovo products and services directly from their bank account and benefits from Trustly’s collection model, which offers fast settlement and instant refunds for customers.

Compared to other forms of payment, such as debit and credit cards, the new service is less vulnerable to fraud, with Trustly’s figures showing its ecommerce platform has a fraud rate of 0.01%.

According to Open Banking payments provider Trustly, it uses data encryption “in transit” and does not store customer banking details, thereby improving security.

Jussi Lindberg, Trustly’s chief revenue officer, said: “We are thrilled Trustly is now available as a payment method for Lenovo’s customers. Our technology provides customers with a simple, fast, and secure way to pay.

“Using Open Banking means payment speeds are as low as 10 seconds, making the checkout significantly quicker.”

“Offering Trustly’s Open Banking checkout service allows us to improve the checkout experience for our customers,” added Angus Cormie, head of ecommerce EMEA at Lenovo.

“The service will give our customers more choice with the option of using this quick and secure technology when making purchases.”

Earlier this year, Trustly partnered with MoneyGram to introduce cardless payments to millions of MoneyGram users across Europe.

Last month, Trustly launched an AI-enabled recurring payments solution designed to improve how merchants handle repeat or subscription payments through a single integration.