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APIs · head to head

Temenos Transact vs Trustly

Temenos Transact logo

Temenos Transact

APIs

Established core banking system used by banks in over a hundred countries

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: Temenos Transact the codebase originates in the 1990s, so banks on older releases face major upgrade programmes to reach current versions, and many defer them for years.; 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: Temenos Transact covers Country model banks, 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 Temenos Transact and Trustly actually diverge.

Attributes where Temenos Transact and Trustly differ
AttributeTemenos TransactTrustly
PlatformsWeb, Linux, Windows, REST APIWeb, API

Identical on both: starting price (On request), pricing model (quote), free tier (No), 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 Temenos Transact

  • Country model banks
  • Multi-product core
  • Payments processing
  • API layer
  • Cloud deployment
  • Accounting engine

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.

Temenos Transact

  • A bank in an emerging market needing local regulatory compliance without building it from scratchnot Trustly
  • An institution running Islamic banking products alongside conventional ones on one corenot Trustly
  • A bank that needs a large pool of experienced implementation consultants to de-risk a migrationnot Trustly
  • A group standardising subsidiaries in several countries onto one core banking systemnot Trustly

Trustly

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

Where each one falls short

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

Temenos Transact

  • The codebase originates in the 1990s, so banks on older releases face major upgrade programmes to reach current versions, and many defer them for years.
  • Total cost is dominated by implementation partner fees rather than licence, and those programmes routinely overrun their original estimates.
  • Product changes that cloud-native cores treat as configuration can require development work and a release cycle, which slows time to market for new products.
  • Heavy customisation is common and it makes every subsequent upgrade harder, creating a compounding cost that banks feel a decade after go-live.
  • Temenos has repeatedly restructured its product line and naming, so buyers must check carefully which components a proposal actually includes and which are separately licensed.

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

Temenos Transact

On request
  • Temenos Transact$undefined/year
    • Perpetual or subscription licence scaled by assets, accounts or users
    • Annual maintenance typically a percentage of licence value
    • Implementation delivered by partners and charged separately

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 Temenos Transact if

  • You need country model banks.
  • You work on Web, Linux, Windows, REST API.
  • You also want multi-product core.
Temenos Transact 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 Temenos Transact or Trustly better?
Neither clearly leads. Temenos Transact 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, Temenos Transact or Trustly?
Temenos Transact starts at On request and Trustly at On request.
Does Temenos Transact or Trustly run on more platforms?
Temenos Transact runs on Web, Linux, Windows, REST API. Trustly runs on Web, API.
What is Temenos Transact best used for?
Temenos Transact is most often used for a bank in an emerging market needing local regulatory compliance without building it from scratch, an institution running islamic banking products alongside conventional ones on one core, a bank that needs a large pool of experienced implementation consultants to de-risk a migration, a group standardising subsidiaries in several countries onto one core banking system. Of those, a bank in an emerging market needing local regulatory compliance without building it from scratch and an institution running islamic banking products alongside conventional ones on one core are not what Trustly is typically brought in for.
What can Temenos Transact do that Trustly cannot?
Temenos Transact covers Country model banks, Multi-product core, Payments processing, API layer. Trustly covers Pay by bank checkout, Instant refunds, Verified payouts, Multi-market bank connectivity.

Answered from the vendors’ own pages

Temenos Transact: Is Transact the same as T24?

Yes. T24 was renamed Temenos Transact; older installations and much of the consultant population still use the T24 name.

Trustly: Who owns Trustly?

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

Temenos Transact: Can it run in the cloud?

Yes, it is offered on public cloud, though many existing installations remain on-premises and moving them is a project.

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.

Temenos Transact: What drives the cost?

Licence scaled by size, annual maintenance as a percentage of licence, and implementation partner fees that usually exceed the software cost.

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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