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APIs · head to head

Swan vs Trustly

Swan logo

Swan

APIs

European banking-as-a-service platform for embedding accounts, cards and payments into other products

From
On request
Rated
-
Full reviewWebsite
Trustly logo

Trustly

APIs

Pay-by-bank payments network, majority-owned by private equity firm Nordic Capital

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Swan its regulatory base and strongest local account coverage are French and European, so companies needing US, UK-post-Brexit-specific, or broader global banking-as-a-service need an additional provider.; Trustly it is majority-owned by Nordic Capital, a private equity firm, so its long-term roadmap is ultimately oriented toward an eventual sale or IPO rather than indefinite independent operation.
  • They diverge on capability: Swan covers Embedded business accounts, Trustly covers Pay by bank checkout.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Swan and Trustly actually diverge.

Attributes where Swan and Trustly differ
AttributeSwanTrustly

Identical on both: starting price (On request), pricing model (quote), free tier (No), platforms (Web, API), user rating (Not yet rated), category (APIs).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Swan

  • Embedded business accounts
  • Card issuing
  • SEPA payments
  • Local account localisation
  • ACPR regulation
  • Usage-based pricing

Only in Trustly

  • Pay by bank checkout
  • Instant refunds
  • Verified payouts
  • Multi-market bank connectivity
  • Merchant dashboard and reconciliation
  • Fraud and risk tooling

What people use each for

The jobs each tool is most often brought in to do.

Swan

  • A vertical SaaS platform wanting to embed business bank accounts under its own brandnot Trustly
  • A marketplace wanting to issue cards to sellers or partners without becoming a licensed banknot Trustly
  • A company wanting SEPA payment initiation embedded directly into its own productnot Trustly
  • A European fintech wanting to avoid a six-figure setup fee and long lock-in typical of legacy banking-as-a-service dealsnot Trustly

Trustly

  • An e-commerce merchant wanting a lower-cost alternative or complement to card payment acceptancenot Swan
  • A gaming or gambling operator needing verified, instant payouts to players' bank accountsnot Swan
  • A merchant wanting instant refunds processed directly to a customer's bank account rather than card reversal delaysnot Swan
  • A business in a market with strong open banking adoption wanting pay-by-bank as a checkout optionnot Swan

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Swan

  • Its regulatory base and strongest local account coverage are French and European, so companies needing US, UK-post-Brexit-specific, or broader global banking-as-a-service need an additional provider.
  • Pricing is described only philosophically (usage-based, no big setup fee) rather than published as an actual rate card, so a company still needs a sales conversation to get real numbers.
  • Embedding banking features into a product is a substantial compliance and design undertaking regardless of the vendor, and Swan handling the licence does not remove a platform's own KYC, AML and customer support obligations for the accounts it offers.
  • As a comparatively young, single-country-licensed e-money institution, its balance sheet and regulatory standing carry more concentration risk than a banking-as-a-service offering backed by an established, multi-jurisdiction bank.
  • Local account depth is explicitly limited to France, Germany and Spain, so a platform needing native local accounts in other European countries may find coverage thinner than expected.

Trustly

  • It is majority-owned by Nordic Capital, a private equity firm, so its long-term roadmap is ultimately oriented toward an eventual sale or IPO rather than indefinite independent operation.
  • Consumer familiarity with paying by bank transfer still lags card payments in most markets, so merchants typically see it used as a secondary option rather than a full card replacement.
  • The 1.15 to 3.15% merchant fee range is not a single published rate, so a merchant cannot know its actual cost without a sales negotiation.
  • As with all open banking-dependent payment methods, reliability depends on the consistency of the underlying banks' own APIs, which Trustly does not control.
  • Its verified payout functionality is heavily used in gaming and gambling, a sector with additional regulatory scrutiny, which is worth factoring in when evaluating vendor risk exposure by association.

Pricing, plan by plan

Swan

On request
  • Swan$undefined/month
    • Usage-based pricing, no published rate card
    • No long-term contract or large setup fee required
    • Custom quote based on current, not forecast, usage

Trustly

On request
  • Trustly$undefined/month
    • Typical merchant cost of 1.15% to 3.15% depending on volume and market
    • Exact rate negotiated per merchant, not published as a flat card

Which should you pick?

Choose Swan if

  • You need embedded business accounts.
  • You work on Web, API.
  • You also want card issuing.
Swan review

Choose Trustly if

  • You need pay by bank checkout.
  • You work on Web, API.
  • You also want instant refunds.
Trustly review

Questions people ask

Is Swan or Trustly better?
Neither clearly leads. Swan starts at On request and Trustly at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Swan or Trustly?
Swan starts at On request and Trustly at On request.
Does Swan or Trustly run on more platforms?
Both run on Web, API, so platform support will not decide this one for you.
What is Swan best used for?
Swan is most often used for a vertical saas platform wanting to embed business bank accounts under its own brand, a marketplace wanting to issue cards to sellers or partners without becoming a licensed bank, a company wanting sepa payment initiation embedded directly into its own product, a european fintech wanting to avoid a six-figure setup fee and long lock-in typical of legacy banking-as-a-service deals. Of those, a vertical saas platform wanting to embed business bank accounts under its own brand and a marketplace wanting to issue cards to sellers or partners without becoming a licensed bank are not what Trustly is typically brought in for.
What can Swan do that Trustly cannot?
Swan covers Embedded business accounts, Card issuing, SEPA payments, Local account localisation. Trustly covers Pay by bank checkout, Instant refunds, Verified payouts, Multi-market bank connectivity.

Answered from the vendors’ own pages

Swan: Which countries does Swan offer local accounts in?

France, Germany and Spain specifically, alongside broader SEPA payment coverage.

Trustly: Who owns Trustly?

Nordic Capital, a private equity firm, holds a 51.1% majority stake; Alfven & Didrikson and BlackRock hold smaller stakes.

Swan: Is pricing published?

No, Swan describes a usage-based, no-large-setup-fee philosophy but requires a quote for actual numbers.

Trustly: Is Trustly going public?

It has discussed an IPO but as of its most recent comments said one remained at least a year away.

Swan: Who regulates Swan?

France's ACPR (Autorite de Controle Prudentiel et de Resolution), as a licensed e-money institution.

Trustly: What does it typically cost a merchant?

Roughly 1.15% to 3.15% of transaction value depending on volume and market, negotiated per merchant.

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