Softwr

APIs · head to head

Treasury Prime vs Trustly

Treasury Prime logo

Treasury Prime

APIs

Banking as a service platform sold to sponsor banks rather than to fintechs

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: Treasury Prime a fintech cannot buy Treasury Prime directly since the 2024 pivot, so the sales process starts with finding a sponsor bank willing to take your programme, which adds months and removes most of your negotiating leverage on fees.; 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: Treasury Prime covers BankOS, 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 Treasury Prime and Trustly actually diverge.

Attributes where Treasury Prime and Trustly differ
AttributeTreasury PrimeTrustly
PlatformsAPI, WebWeb, 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 Treasury Prime

  • BankOS
  • OneKey Banking
  • Deposit accounts
  • Payments
  • Card issuing
  • Bank oversight tooling
  • Ledger and reconciliation
  • Programme onboarding

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.

Treasury Prime

  • A community or regional bank that wants to run an embedded finance line with examiner-acceptable oversight of its fintech programmesnot Trustly
  • A fintech that has already chosen its sponsor bank and needs API access to that bank rather than to a middleware layernot Trustly
  • A company that wants deposits spread across several banks for FDIC coverage beyond a single institution limitnot Trustly
  • A bank replacing a fragile middleware arrangement with a structure where it holds the customer contract and the oversight obligationnot Trustly

Trustly

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

Where each one falls short

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

Treasury Prime

  • A fintech cannot buy Treasury Prime directly since the 2024 pivot, so the sales process starts with finding a sponsor bank willing to take your programme, which adds months and removes most of your negotiating leverage on fees.
  • Commercial terms including minimum deposit balances, reserve requirements and per transaction pricing are set by the bank rather than the platform, so two fintechs on the same software can face materially different economics with no public benchmark.
  • The company cut roughly half its staff in the 2024 pivot, which reduced the teams that supported fintech customers directly and left fintechs relying on their bank for support rather than on the vendor who wrote the software.
  • Bank risk appetite is now the binding constraint, and after the Synapse failure sponsor banks decline programmes in higher risk categories that a middleware provider would once have onboarded, so some business models simply cannot get placed.
  • If your sponsor bank exits the programme or is told by its regulator to reduce fintech exposure, you are migrating your entire deposit base to another institution, and the software being the same at both ends does not make that a small project.

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

Treasury Prime

On request
  • BankOS$undefined/year
    • Sold to sponsor banks, not directly to fintechs
    • Fintech commercial terms are set by the sponsor bank
    • Minimum deposits, reserves and per transaction fees vary by bank

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 Treasury Prime if

  • You need bankos.
  • You work on API, Web.
  • You also want onekey banking.
Treasury Prime 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 Treasury Prime or Trustly better?
Neither clearly leads. Treasury Prime 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, Treasury Prime or Trustly?
Treasury Prime starts at On request and Trustly at On request.
Does Treasury Prime or Trustly run on more platforms?
Treasury Prime runs on API, Web. Trustly runs on Web, API.
What is Treasury Prime best used for?
Treasury Prime is most often used for a community or regional bank that wants to run an embedded finance line with examiner-acceptable oversight of its fintech programmes, a fintech that has already chosen its sponsor bank and needs api access to that bank rather than to a middleware layer, a company that wants deposits spread across several banks for fdic coverage beyond a single institution limit, a bank replacing a fragile middleware arrangement with a structure where it holds the customer contract and the oversight obligation. Of those, a community or regional bank that wants to run an embedded finance line with examiner-acceptable oversight of its fintech programmes and a fintech that has already chosen its sponsor bank and needs api access to that bank rather than to a middleware layer are not what Trustly is typically brought in for.
What can Treasury Prime do that Trustly cannot?
Treasury Prime covers BankOS, OneKey Banking, Deposit accounts, Payments. Trustly covers Pay by bank checkout, Instant refunds, Verified payouts, Multi-market bank connectivity.

Answered from the vendors’ own pages

Treasury Prime: Can a fintech buy Treasury Prime directly?

No. Since the 2024 pivot it sells to banks. A fintech contracts with a sponsor bank running BankOS, and the bank sets the terms.

Trustly: Who owns Trustly?

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

Treasury Prime: Why did it change model?

Regulatory pressure on the tri-party middleware structure, sharpened by the Synapse failure. Examiners want the bank holding the customer contract and the oversight obligation, which is what bank-direct means.

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.

Treasury Prime: What is OneKey Banking?

A way of spreading deposits across several banks in the network, used for FDIC coverage above a single institution limit and for resilience if one bank exits.

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.

Treasury Prime: Is pricing published?

No, at neither the bank nor the fintech level. Fintech economics are set by the sponsor bank, so expect wide variation.

Share

Related pages

More on Treasury Prime

More on Trustly

Keep looking

Other head to heads