UK Fintech Platform TrueLayer Joins Stripe Payment Element for Streamlining Open Banking Payments

UK Fintech TrueLayer has joined Stripe’s Payment Element for supporting Open Banking payments.

UK’s TrueLayer has reportedly become the first European Open Banking payment solution to be added to Stripe’s Payment Element.

This partnership allows Stripe merchants in the United Kingdom and the EU to provide TrueLayer as a payment option to their clients.

The Stripe Payment Element is described as a UI component that may be embedded on checkout pages and is leveraged by merchants globally. It supports the display of various payment methods for clients and the collection of transaction details.

This update enables merchants to add TrueLayer’s Open Banking payment solution into the Stripe checkout process.

As explained in the announcement, Stripe clients have the option to select secure Open Banking payments as an alternative to traditional card payments, which may incur relatively high interchange charges.

Whenever clients opt for Open Banking payments at the time of checkout, they’ll be redirected to TrueLayer’s payment page. From this point, they are able to confirm their payment either via their banking app or online banking platform. TrueLayer’s payment page simplifies the process for firms to accept instant bank payments without having to establish or maintain payment gateways.

TrueLayer’s Payments solution is available in the United Kingdom and the European Union, enabling Open Banking transactions in GBP and EUR across 21 different nations, including markets like France, Spain, and Germany.

Merchants may provide instant refunds to clients via TrueLayer’s Payments API, addressing a key requirement in digital commerce, as mentioned in a report by TrueLayer, called the Payment Experience Playbook, which found that 64% of e-commerce shoppers want refunds within an hour of making a transaction.

The Stripe partnership has been announced at a time of key developments in Open Banking payments, with more than 11 million monthly such payments made in the UK in July of this year, marking a doubling of YoY figures. This, according to data from

The firm’s reps have confirmed that the availability of TrueLayer via Stripe’s UI represents a key step forward in the ecosystem of Open Banking payments. It streamlines access to bank payments for merchants within the Stripe checkout process and provides a secure online shopping experience.

They also noted that this milestone is the start of TrueLayer’s initiatives that are focsued on the digital commerce space, where speed, security, and card fees are considerable challenges for merchants based in Europe.

As covered, TrueLayer is an Open Banking payments network in Europe. It is focused on combining real-time bank payments with financial and identity data in order to support frictionless online payments. The firm’s products are used by businesses to facilitate user onboarding, money acceptance, and payouts.

Doing business across 21 different countries, TrueLayer aims to enhance the international payments ecosystem.

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