Most adults in Norway use online banking as a matter of routine, but because the domestic debit network BankAxept is centered on in-store POS use, going through open banking is the practical route for accepting account-based payments online. Trustly fills this gap by having consumers log into their own bank to approve the transfer, with broad coverage of major Nordic banks.

It is especially worth considering for business models where a direct account-to-account payment is advantageous, such as high-value transactions where card fee structures are a burden, deposits and withdrawals for gaming or digital services, or recurring top-up services. It also has the effect of capturing customers who are reluctant to leave card details on file.

When a consumer selects Trustly and chooses their bank, they are taken to that bank's own login/authentication screen to approve the transfer directly. The bank's own authentication (such as BankID) serves the role of Strong Customer Authentication (SCA) under PSD2 as applied in the EEA, and the transfer is initiated as soon as it is approved, with the result passed to the merchant through Hecto Financial. A key feature is that it does not go through card networks.

In some cases, Trustly integration can be reviewed through Hecto Financial without a local Norwegian contract, and because it is an open banking account transfer, acceptance policy varies by industry and transaction type. Settlement cycle, fees, and currency options are fixed at the contract stage.

• Country of business registration

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

• Sales channels

  The integration approach and priority vary depending on your online sales channel mix, such as owned storefronts, open marketplaces, and mobile apps

• Product categories handled

  Advance confirmation is needed as to whether your products fall under restricted categories in the Trustly operator's merchant policy

• Scope of EEA regulation

  Norway is not an EU member but, under the EEA Agreement, incorporates EU payment directives such as PSD2 into domestic law and also participates in the SEPA area. Compliance with these rules needs to be confirmed (see official sources below)

The starting point is that Hecto Financial receives the transferred amount in NOK, and the Korean merchant's share is paid, after currency conversion, in whichever of USD, KRW, or JPY was set in the contract. Because of the nature of account transfers, refunds are processed not as a chargeback but as a return transfer to the consumer's account, so the processing timeline needs to be confirmed at contract time, and refund requests arising from a Norwegian consumer's 14-day withdrawal right (an EEA consumer protection standard) are also handled through the same process.

• Norges Bank (Central Bank of Norway)The official source for operation and oversight of Norway's payment systems and payment trend reports.
• Finanstilsynet (Financial Supervisory Authority of Norway)The regulator overseeing payment service and e-money providers. If this page's content differs from actual regulations, the official source takes precedence.