3rd July 2024 – Stockholm: Lenovo, the global technology powerhouse, is launching a new Open Banking at checkout service for its customers in the UK and continental Europe. 

 The checkout technology will be provided by Trustly, the global leader in open banking payments.  Lenovo is offering the new technology to its customers as a quick, easy, and safe way to pay. The service will provide customers with an alternative payment method that is less vulnerable to fraud, compared to other forms of payment such as credit or debit cards. 

 Trustly’s figures show its e-commerce platform has a fraud rate of 0.01%, significantly lower than other forms of payment. 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. It will be seamlessly integrated and operate with high levels of security, ensuring that customer data is protected while enhancing their payment experience. Trustly uses data encryption in transit and customer banking details are never stored to improve security. In addition to bank-level security, it has the highest encryption standard available.

 Lenovo will 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. The technology is also available at a lower cost than traditional credit and debit card payments.

 Jussi Lindberg, Chief Revenue Officer, Trustly, comments: 

“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, EMEA, Lenovo, said:

“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.”