Lenovo, a leading global technology company, has unveiled its new Open Banking checkout service for customers in the UK and Europe.
This innovative service, powered by Trustly, a leader in open banking payments, aims to streamline the payment process by offering a faster, easier, and safer payment alternative. Unlike traditional payment methods, such as credit or debit cards, Open Banking reduces exposure to fraud, with Trustly reporting a minimal fraud rate of just 0.01%.
The integration of Trustly’s technology enables customers to pay directly from their bank accounts. This not only enhances security—owing to advanced data encryption and the non-storage of customer banking details—but also optimises the user experience at checkout. The technology boasts the highest security standards and ensures the protection of user data throughout the transaction process.
Moreover, Lenovo will benefit from Trustly’s efficient collection model, which facilitates the fastest settlements and instant refunds, providing flexibility and reducing costs compared to conventional payment methods.
Jussi Lindberg, Chief Revenue Officer at Trustly, expressed enthusiasm about the partnership: “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. We’re excited for Lenovo’s customers to use our technology for an enhanced payment experience.”
Angus Cormie, Head of eCommerce for EMEA at Lenovo, also commented on the new service: “We’re always looking for ways to transform our payment experience with innovative technology. Offering Trustly’s Open Banking checkout service allows us to improve the checkout experience for our customers. The service will give our customers more choice with the option of using this quick and secure technology when making purchases.”
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