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APIs · head to head

Thredd vs Trustly

Thredd logo

Thredd

APIs

Issuer processing platform for fintechs and digital banks, formerly Global Processing Services

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  • Each has a real cost: Thredd pricing is entirely unpublished, so cost comparison against competing processors requires a sales process.; Trustly it is majority-owned by Nordic Capital, a private equity firm, so its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: Thredd covers Issuer processing, 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 Thredd and Trustly actually diverge.

Attributes where Thredd and Trustly differ
AttributeThreddTrustly

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 Thredd

  • Issuer processing
  • Multi-country reach
  • Scheme certification
  • Programme support across verticals
  • High platform availability
  • Global office footprint

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.

Thredd

  • A digital bank or fintech needing issuer processing across many countries under one contractnot Trustly
  • A BNPL, lending or crypto product needing certified card processing behind its own brandnot Trustly
  • A company that finds outdated Global Processing Services (GPS) material and needs to confirm it is now Threddnot Trustly
  • An embedded finance platform wanting a processor already integrated with core banking systems such as Mambunot Trustly

Trustly

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

Where each one falls short

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

Thredd

  • Pricing is entirely unpublished, so cost comparison against competing processors requires a sales process.
  • The 2023 rebrand from GPS to Thredd means research under either name alone can miss relevant material, and partner or press references before 2023 will still say GPS.
  • Issuer processing does not include the banking licence itself, so a fintech still needs a separate BIN sponsor or bank partner, adding a second relationship to manage.
  • As shared infrastructure behind many fintech brands, an outage or processing delay at Thredd becomes a simultaneous incident for every programme running on it, with limited visibility for any single customer into root cause.
  • Its verticals span crypto, BNPL and remittance broadly, so depth of specialist support in any one vertical may be thinner than a processor focused narrowly on that niche.

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

Thredd

On request
  • Thredd$undefined/year
    • Volume and programme-based pricing, not published
    • Custom quote required via sales

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 Thredd if

  • You need issuer processing.
  • You work on Web, API.
  • You also want multi-country reach.
Thredd 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 Thredd or Trustly better?
Neither clearly leads. Thredd 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, Thredd or Trustly?
Thredd starts at On request and Trustly at On request.
Does Thredd or Trustly run on more platforms?
Both run on Web, API, so platform support will not decide this one for you.
What is Thredd best used for?
Thredd is most often used for a digital bank or fintech needing issuer processing across many countries under one contract, a bnpl, lending or crypto product needing certified card processing behind its own brand, a company that finds outdated global processing services (gps) material and needs to confirm it is now thredd, an embedded finance platform wanting a processor already integrated with core banking systems such as mambu. Of those, a digital bank or fintech needing issuer processing across many countries under one contract and a bnpl, lending or crypto product needing certified card processing behind its own brand are not what Trustly is typically brought in for.
What can Thredd do that Trustly cannot?
Thredd covers Issuer processing, Multi-country reach, Scheme certification, Programme support across verticals. Trustly covers Pay by bank checkout, Instant refunds, Verified payouts, Multi-market bank connectivity.

Answered from the vendors’ own pages

Thredd: Is Thredd the same company as Global Processing Services?

Yes, GPS rebranded as Thredd in 2023; it is the same company and platform.

Trustly: Who owns Trustly?

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

Thredd: Does it hold the banking licence for programmes it processes?

No, Thredd is the issuer processor; a separate bank or BIN sponsor holds the actual issuing licence.

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.

Thredd: Is pricing published?

No, it requires a sales conversation.

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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