Bank accounts are the backbone of online payments in Latvia. Nordic-affiliated banks such as Swedbank and SEB, along with Riga-headquartered Citadele, lead retail banking, and consumers are accustomed to approving payments by logging into their bank via electronic authentication such as Smart-ID. Trustly is an open-banking account-transfer PSP that preserves exactly this bank-login habit, opening a channel to account-based revenue in a Baltic market where credit card penetration is relatively shallow.

For industries where approval speed matters, such as gaming and digital services, or for Korean businesses running subscription or marketplace models that need to capture card-less customers, Trustly is worth running alongside cards and wallets. Because it's a push-style transfer that moves directly from the consumer's account, it also has the advantage of lower non-payment risk.

The consumer selects Trustly at checkout and chooses their bank, completes identity verification via bank login (electronic authentication such as Smart-ID is common in Latvia), and approves the transfer. Because the bank itself performs the authentication, PSD2's Strong Customer Authentication (SCA) requirement is also satisfied at this step. Hecto Financial receives the approved euro (EUR) funds, and the Korean merchant is settled in the contracted currency — USD, KRW, or JPY.

Integrating through Hecto Financial lets a Korean corporation consider adopting Trustly payments without a separate local contract in Latvia. Actual support availability and terms (settlement cycle, fees, currency options) vary by the merchant's industry and transaction volume, so confirmation with the Hecto Financial sales team is required before signing a contract.

• Business registration country

  Confirm whether a contract is possible on a Korea-registered business basis

• Sales channels

  The integration method and priority differ depending on your online sales channel mix — owned store, open marketplace, mobile app, etc.

• Product categories handled

  Advance confirmation is needed on whether your category falls under restricted industries per Trustly's merchant policies

• EU regulatory compliance

  Confirmation is needed on compliance with EU payment regulations such as PSD2 and SEPA (see official sources below)

The payment itself leaves the Latvian consumer's bank account in euros (EUR), but that doesn't mean the Korean merchant receives euros directly. Hecto Financial receives the EUR funds, converts them, and settles the amount in the contracted currency — USD, KRW, or JPY — on the cycle defined by the contract. Because it's an account transfer, there's no card-style chargeback, but refund requests arising from the EU consumer's guaranteed 14-day right of withdrawal still need to be handled through a separate process, so be sure to confirm your refund operating procedures before signing a contract.

• Bank of Latvia (Latvijas Banka)Official information on Latvia's payment systems and supervision (Latvijas Banka). If actual regulations differ from this page's content, the official source takes precedence.