LONDON—Lenovo is offering open banking at checkout via a partnership with Trustly.
The collaboration is open to Lenovo customers in the U.K. and continental Europe, providing them with an alternative method of payment the companies say is less susceptible to fraud than things like debit or credit cards, according to PYMNTS.
“Trustly’s figures show its e-commerce platform has a fraud rate of 0.01%, significantly lower than other forms of payment,” the companies said in a news release. “The checkout technology is more secure, when compared with traditional payment methods, as it allows customers to pay for Lenovo products and services directly from their bank account.”
‘Unique Collection Model’
According to the release, the partnership lets Lenovo benefit from Trustly’s “unique collection model,” which offers the fastest possible settlement, and instant refunds for customers, giving Lenovo greater flexibility in its payments system. In addition, the companies say, the technology is available at a cost lower than that of traditional credit and debit card payments, PYMNTS said.