LONDON, 1 Mar 2021 – Trstpays has been presented with the prestigious Merchant Payments Ecosystem Best Startup Innovation award following a live dragon’s den style pitch by CEO and Founder Marc O’Brien.
Voted by the jury and distinguished industry audience, the Innovation Corner live competition brought together innovative game-changing startups showcasing ground-breaking ideas to improve merchant payments.
David Parker, MPE Judge and CEO of Polymath Consulting said, “Trstpays is a truly innovative approach to a major market issue, that post Covid is likely to get worse not better. It was great to see the audience recognize this and vote for them as the winner.”
Trstpays’ payments trust model is an alternative to traditional credit risk tools, which at best are inefficient, and at worst, can be catastrophic for merchants in terms of cashflow and balance sheets. Unreasonable demands for collateral, inefficient rolling reserves and arbitrary holdbacks are all eliminated.
On why Trstpays was selected, Founder and CEO Marc O’Brien suggested:
“We know crises drive innovation, so we expect 2021 will be full of new products and solutions. Not all of them will meet a real business need. Not all of them will provide value across the ecosystem for both acquirers and merchants. Not all of them will have the benefit of experience. We do.
“As payments-industry veterans, we understand our customers’ challenges. By assembling a unique panel of experienced acquirers, we ensure our merchants find a payments-partner to truly meet the goals for their business.”
Trstpays launched to the market as part of the Innovation Launchpad at Travel Technology Europe exactly a year ago, just before the global pandemic took hold. Despite the difficult timing, Trstpays is already revolutionising the way airlines manage payments and has proven experience reducing collateral requirements, accelerating settlement, and improving cashflow and margins.
Trstpays has seen wider interest in their payment trust account model from other delayed delivery sectors which will provide a significant opportunity as they scale-up operations. However, in 2021 the primary focus will be on supporting airlines, strengthening their financial position as they re-build after the pandemic.
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