Exclusive: Stripe chooses TrueLayer for first European open banking payment option
“This lights a beacon for open banking payments in the world of e-commerce, a signal that change is not just coming to the checkout, it’s here”
Stripe merchants across the UK and Europe can now use open banking payment options for their customers through TrueLayer.
Listed on Stripe’s Payment Element — an embeddable UI component for checkout pages — merchants can seamlessly offer TrueLayer’s open banking payment option within Stripe’s checkout.
Customers using Stripe will now be able to make open banking transactions rather than card payments
“It’s a very exciting day for us, and for open banking,” TrueLayer co-founder and CEO Francesco Simoneschi told AltFi.
“Stripe Payment Element is one of the fundamental building blocks thousands of merchants around the world use to develop payment experiences, implement payment methods at checkout and increase conversion. Now we’re right in the mix too.”
Stripe customers can now incorporate TrueLayer in checkouts across 21 markets, including markets such as the UK, France, Spain and Germany in GBP and EUR.
Alongside providing a faster alternative to cards, the payment option also enables merchants to issue instant refunds through TrueLayer’s Payments API.
“Partnerships like this demonstrate how open banking payments are becoming a core part of global payments infrastructure and can be embedded into checkout more easily than ever before,” Simoneschi continued.
“The appetite is there and we’re seeing considerable growth across all verticals, from e-commerce and luxury, to credit and lending and charity.”
Elsewhere in open banking adoption, TrueLayer has recently seen a rapid increase in variable recurring payments (VRPs), hitting one million transactions in a single month just three months after processing one million to date.
The collaboration with Stripe adds to existing partnerships with global players including Thunes, Nuvei and Airwallex to bring open banking to consumers across Europe.
“[This partnership] lights a beacon for open banking payments in the world of e-commerce, a signal that change is not just coming to the checkout, it’s here,” Simoneschi said.