Stripe Incorporates TrueLayer's Open Banking Payment Options

Published 6 months ago
  Stripe

Stripe has chosen TrueLayer to provide its first European open banking payment option. This announcement means that Stripe merchants across the UK and Europe can now offer open banking payment methods to their customers.

TrueLayer’s Open Banking Payment Option on Stripe’s Payment Element

TrueLayer’s open banking payment option is now accessible on Stripe’s Payment Element, an embeddable UI component for checkout pages. This integration allows merchants to offer a seamless open banking transaction experience to Stripe customers, replacing traditional card payments.

Expansion to 21 Markets

TrueLayer can now be incorporated into Stripe checkouts in 21 markets, notably including the UK, France, Spain, and Germany, with transactions in GBP and EUR. This partnership is a step forward for Stripe customers, allowing them to benefit from faster transactions and instant refunds through TrueLayer’s Payments API.

Open Banking Payments: A Core Part of Global Payments Infrastructure

According to Francesco Simoneschi, TrueLayer’s co-founder and CEO, partnerships like this highlight how open banking payments are becoming an integral part of the global payments infrastructure. This integration makes embedding open banking payments into checkout processes easier than ever.

Rapid Growth in Open Banking Adoption

TrueLayer has recently witnessed swift growth in open banking adoption. A testament to this is the rapid increase in variable recurring payments (VRPs), which reached one million transactions in a single month, just three months after processing one million to date.

Collaboration with Global Players

TrueLayer’s partnership with Stripe is an addition to its existing collaborations with global entities such as Thunes, Nuvei and Airwallex. These partnerships aim to bring open banking to consumers across Europe, ultimately transforming the world of e-commerce.

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