IBS Intelligence
TrueLayer, Europe’s open banking payments network, has expanded its partnership with Stripe. TrueLayer now underpins Stripe’s Pay by Bank offering across its payment products in the UK. Merchants using Stripe can now instantly add this option to their checkout.
In May, Stripe unveiled Pay by Bank, a new payment method that enables merchants to accept payments directly from customers’ bank accounts, streamlining the payment process and reducing transaction fees. Stripe has chosen TrueLayer as its open banking payment partner in the UK and is adding Pay by Bank to Stripe Elements as a new payment method for UK users.
TrueLayer co-founder and CEO Francesco Simonsechi said, “We are thrilled to be Stripe’s open banking partner in the UK. By collaborating on Pay by Bank, we are offering customers the option to pay with their preferred bank account instead of a credit card. This is a significant milestone in the evolution of digital commerce.”
In its annual letter published in March, Stripe highlighted the importance of removing barriers in online purchases and checkout flows. TrueLayer’s open banking technology supports this vision by powering flexible, real-time and SCA accounts to account payments.
The first UK Open Banking provider to deliver commercial VRP through an API, TrueLayer reached the milestone of powering 1 million monthly VRP transactions last year. Stripe’s investment in TrueLayer, having co-led the firm’s 2021 Funding Round, underscores this partnership.
Eileen O’Mara, Stripe’s Chief Revenue Officer, said, “We are thrilled to partner with TrueLayer to help British businesses selling high-value goods and services save tens of thousands of pounds in payment fees every month.”
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