Trustly Extends Direktbetalning Product to Online Housing and Apartment Rentals

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Sweden-based Trustly recently unveiled its online payment solution for house and apartment rental classified ads listed on Blocket, Sweden’s version of eBay.

This capability is being added to Trustly’s original offering, Direktbetalning, which was limited to purchasing and selling goods on the Blocket platform. You may recall Trustly’s FinovateEurope 2013 demo, where COO Carl-Henrik Somp was selling his right shoe.

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The new offering helps solve the pain point faced by home renters who are pressured into paying rent for a new home or apartment one month in advance, only to discover that it was a scam.

Direktbetalning solves this problem in a similar way in which it does for goods sold online. Trustly holds the rent money until the day after the rental period begins, then pays it out to the landlord. If fraud occurs, rent money goes back to the tenant. It works like a small escrow, the only difference being that the payment is done in real time and payment is sent directly to the bank account of the recipient.

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Trustly currently supports all major banks in Sweden, Finland, Denmark and Spain. To learn more about Trustly, watch its FinovateEurope 2013 demo where it debuted Direktbetalning.

Finovate Alumni News– April 22, 2013

  • Finovate-F-Logo.jpgBoulder Valley Credit Union introduces Tyfone Mobile Banking Financial Services.
  • Nerdwallet reviews Personal Capital.
  • Center for Financial Inclusion blog features Entreprenurial Finance Lab’s technology.
  • Payments News reports Blackhawk Network completes IPO.
  • Community Credit Union releases MoneyDesktop 4.0 to its members.
  • eToro helps new users to connect with people on OpenBook by unlocking their feed.
  • Newfination hosts Carl-Henrik Somp, Trustly COO, to discuss the startup’s service.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– April 19, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgArvest Bank to deploy IntelliResponse Virtual Agent technology. See them demo at FinovateSpring in May.
  • GMC Software Technology founder Rene Muller wins Lifetime Achievement award.
  • PrivatBank to provide service to customers wearing Google Glass.
  • American Banker interviews Pageonce COO Steve Schultz on the company’s goal to be the “go-to financial app on the phone”.
  • Mountain America CU launches MoneyDesktop’s My Money Manager PFM.
  • Blackhawk Network prices of its IPO of 10,000,000 shares of Class A common stock at $23 per share.
  • American Banker reports: Planwise Courts Bank Partners.
  • Black Enterprise features Bolstr as Tech Startup of the Week.
  • American Banker reports BillGuard has flagged $50M in suspect charges.
  • The Globe and Mail considers how eToro can benefit investors.
  • TechCrunch reports: SMB Inventory Management Startup TradeGecko Partners With Xero Accounting.
  • Rebirth Financial unveils white-label crowdfunding platform.
  • Trustly has now processed 10 billion SEK in payments since it began in 2008, has fully rolled out Direktbetalning in Sweden 
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– March 22, 2013

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  • Fathead launches Virtual Piggy youth friendly payment system.
  • Fiserv processed more than 10 mil loan applications in 2012.
  • CNN Money lists Personal Capital as 1 of 5 best apps to invest smarter.
  • Temenos announces acquisition of compliance technology firm, TriNovus.
  • IRA Reviews
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  • VoiceTrust brings voice biometrics technology to USoft.
  • TSYS executive wins award at CPI Global Awards for Excellence in Commercial Cards and Payments.
  • Crackberry.com highlights Pageonce for BlackBerry 10.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Trustly Helps You Safely Pay and Get Paid for Goods Sold Online

This post is a part of our live coverage of FinovateEurope 2013.

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Third, Trustly showed how its direct, person-to-person payment solution can help you pay and get paid for items sold online:
“Today there are many payment methods available for the e-commerce market, but there are no solutions solving the pain people experience when buying and selling on electronic person-to-person marketplaces – the risks and hassle of exchanging cash, and in the case of non-local deals where the goods have to be shipped – the risk that the buyer will not receive the goods or the seller will not receive the payment. 
Trustly Direktbetalning removes these pains.
We’ll showcase how people from now on can safely pay and get paid for goods sold on Sweden’s largest marketplace, with an integrated fraud guarantee. Trustly Direktbetalning is a direct person-to-person bank payment solution embedded in the marketplace and does not require its users to learn any new behaviour or sign up to any new feature. It will (thanks to the combination of the following features) revolutionize the way people pay and get paid when purchasing goods from each other:
1. Direct and seamless payments embedded in the marketplace
2. Integrated instant identification – no false identities can be used
3. Fraud guarantee offered to both buyer and seller for complete peace of mind
Trustly Direktbetalning leverages Trustly’s proprietary direct bank e-Payment system. Its first marketplace partner is Blocket.se, Sweden’s largest marketplace with an aggregate value of ads posted in excess of €20B per year. It can, in principle, be embedded into any online marketplace in the world, or offered as a stand-alone service.”
Product Launch: Q1 2013
HQ: Stockholm, Sweden
Founded: April 2008
Metrics: Organically grown, Employees: 35+, Number of payments: 200,000+ monthly
Website: trustly.com
Presenting Carl-Henrik Somp (COO)
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