Plaid vs Trustly: Which One’s the Smarter Choice for Your Business?

Please note that the information about the companies in this article was sourced from their respective websites as of 12 March 2025. This information may be subject to change.

Choosing the right open banking provider can make a big difference in how smoothly your payments run. Trustly and Plaid both simplify transactions by connecting businesses to customers’ bank accounts – but they take different approaches. While both offer seamless payment experiences, their integration methods, coverage and fee structures vary, making them better suited for different business needs.

This guide breaks down Trustly vs. Plaid, covering features, pricing, and use cases to help you find the best fit for your business.

What is Trustly?

Founded in 2008 and headquartered in Stockholm, Sweden, Trustly has built a reputation as a leader in bank-to-bank payments, eliminating the need for card networks. By connecting businesses to customer bank accounts directly, it speeds up transactions, improves conversion rates and lowers costs – especially in e-commerce, iGaming, travel and financial services.

It connects to 12,000 banks across 33 markets, providing businesses in e-commerce, iGaming, travel and financial services with a seamless payment experience.

With Open Banking adoption accelerating, Trustly continues to scale its operations and enhance its payment solutions, making transactions seamless, instant, and secure for businesses and consumers alike.

What is Plaid?

Founded in 2013, Plaid is a US-based fintech company specialising in financial data aggregation and connectivity. Initially set to be acquired by Visa in 2020, Plaid remained independent and has since become a leader in API-based financial data access. Its technology allows businesses to connect with user bank accounts, facilitating account verification, lending, and fintech app integrations.

Plaid works with 12,000+ banks and financial institutions and supports 8,000+ fintech companies worldwide. While most of its business is in North America, where 80% of its traffic comes from API-based banking connections, it continues to expand globally.

Plaid primarily operates in the US, where open banking regulations are still developing. The Consumer Financial Protection Bureau (CFPB) has set compliance deadlines – 2026 for large banks and 2030 for smaller ones. While the UK and EU have more established frameworks, Plaid helps US businesses adapt to these changes.

Difference between Trustly and Plaid

Trustly and Plaid are two key players in open banking, but they serve different functions.

Trustly specialises in direct bank payments, enabling businesses to accept instant transactions without card networks. It can be integrated directly – favoured by larger enterprises, or through third-party PSPs, making it accessible to businesses of all sizes.

Plaid, on the other hand, focuses on financial data access, helping businesses link accounts, verify users and retrieve banking insights. While primarily serving financial companies, loan providers and personal finance apps, its role in payments is growing, offering additional functionality beyond data connectivity.

Then there’s Noda, offering another option with pay-by-bank, card processing and instant link payments, giving businesses a mix of open banking and traditional payment methods.

Let’s compare Trustly and Plaid alongside Noda:

Trustly vs Plaid Fees

Trustly pricing depends on the payment provider or direct integration. PSPs like Adyen, Stripe and PayPal offer Trustly with varying fee structures, typically combining fixed fees and percentage-based charges. Since rates differ by provider, industry and region, businesses should check directly with their PSP or Trustly for exact costs.

While Plaid’s pricing follows a tiered API pricing structure, with costs based on one-time, subscription, or per-request fees depending on data usage. This allows businesses to scale their costs based on transaction volume and API needs.

For those looking for a cost-effective alternative, Noda offers a transparent pricing model with fees starting as low as 0.1% and typically ranging up to 1% per transaction. Unlike card payments, Noda has no monthly subscription fees or chargeback costs, as chargebacks do not apply to bank transfers.

Businesses can also use Noda’s pricing calculator to estimate transaction costs and compare savings.

Trustly or Plaid: Which One Works for Your Business?

Choosing the right bank payment provider depends on what your business needs most.

If you prioritise fast, frictionless bank-to-bank payments, Trustly is a strong option. It’s widely used in Europe, particularly in e-commerce, iGaming, and travel, where real-time transactions help reduce chargebacks and processing fees.

For businesses that require financial data access, account verification, or lending integrations, Plaid is a better fit. Its API enables fintech companies, personal finance apps and lenders to securely aggregate bank data and streamline customer onboarding.

But what if your business needs a solution that combines fast payments, global reach, and seamless integration – without the extra complexity? That’s where Noda fits in, bringing speed, reach and simplicity together in one platform.

Why Noda Stands Out as a Trustly and Plaid Alternative

For merchants looking beyond Trustly and Plaid, Noda offers a practical, cost-effective alternative that simplifies payments while supporting business growth. With a wider international reach, multiple payment options and seamless integration tools, it’s a strong choice for e-commerce, travel, SaaS, retail, gaming and other online businesses that need efficiency without added complexity.

Frictionless Payments That Scale

For merchants exploring Trustly and Plaid, Noda offers a smarter alternative – one that simplifies payments, supports growth, and reduces unnecessary complexity. With a wider international reach and connections to over 2,000 banks, it provides businesses with flexible, scalable payment solutions.

For online retailers, Noda offers plugin integrations with WooCommerce, OpenCart, PrestaShop, and Magento, with Ecwid support coming soon. It also provides no-code solutions, such as Instant Payment Links and QR codes, ensuring merchants can set up payments quickly without technical expertise.

Smarter Payment Optimisation

With AI-driven routing, Noda minimises failed transactions and optimises payment flows, helping businesses maintain steady cash flow. Real-time insights help merchants track performance and improve transaction reliability, while a dedicated personal manager provides hands-on support tailored to their business needs.

Enhanced Security and Compliance

With bank level security and KYC insights, Noda provides businesses with greater transparency into customer behaviour while ensuring compliance with banking regulations. By eliminating chargebacks on bank payments, merchants can reduce fraud risks and avoid unnecessary fees.

Built for Businesses of All Sizes

Noda’s flexible, transaction-based pricing ensures businesses—from independent creators to large enterprises—get a cost-effective solution that aligns with their transaction volume and growth plans.

For merchants who need a smarter, more scalable way to manage payments across multiple regions, Noda provides a complete payment ecosystem that makes transactions smoother, faster, and more secure.

Better payments start with the right partner. See how Noda compares.