ACE Money Transfer Achieves 40% Growth in Remittances With Trustly’s Pay by Bank

The partnership between leading international financial service provider ACE Money Transfer and Trustly, the global open banking payments leader, has provided customers with a smoother and more cost-effective personalised remittance experience through competitive exchange rates, low transfer costs, and enhanced security on remittances.

Since the partnership began in 2021, ACE Money Transfer and Trustly have fueled a staggering 40% growth in remittance volume by enabling expats to send money home seamlessly. This upward trend in remittances is expected to continue, solidifying both companies as leaders in the secure and efficient transferring of hard-earned funds.

ACE Money Transfer and Trustly have leveraged Ecospend, A Trustly Company’s Pay by Bank solution to drive the growth in remittances. This account-to-account (A2A) payment method has become a cornerstone of their collaboration, offering significant advantages to customers, including A2A payments bypassing card networks, resulting in lower fees for both ACE Money Transfer and their customers. Customers enjoy faster and easier remittances directly through their familiar online banking platforms.

ACE is an industry leader in the adoption of open banking. This innovative approach has yielded a significant 25% business expansion. Open banking fosters a secure environment through card fraud risk mitigation while also enabling instant funds transfer – perfectly aligning with ACE’s mission of serving global expat communities with secure, instant, and convenient remittance solutions.

Recognising the value of Open Banking, ACE Money Transfer actively promotes the use of Pay by Bank. Customers who choose this method are incentivised for wider adoption of this secure and efficient payment method, resulting in a win-win for all parties involved.

Jussi Lindberg, Chief Revenue Officer at Trustly, emphasises the partnership’s impact: “Our collaboration with ACE Money Transfer exemplifies the long-term benefits of Open Banking. Together, we’ve streamlined the remittance process, offering significant cost savings and a more convenient experience for millions of users.”

Rashid Ashraf, CEO of ACE Money Transfer, adds: “The increasing popularity of A2A payments underlines the customer appeal. By incentivising the customers to opt for A2A payments, we’re fostering wider adoption and unlocking the full potential of Open Banking for a more efficient future for remittances.”

This enduring partnership prioritises customer experience. By continuously exploring new technologies, ACE Money Transfer and Trustly aim to deliver even faster, more affordable, and user-friendly remittance solutions for all.