Vesta, a transaction guarantee platform, announced a partnership with Stripe, a financial infrastructure platform for businesses, in order “to enable a comprehensive fraud prevention and risk protection solution that indemnifies merchants from losses from fraudulent transactions.”
Under the partnership, Vesta Payment Guarantee, which “provides 100% indemnification from fraudulent chargebacks, will incorporate Stripe Radar risk scores to offer a comprehensive fraud and revenue protection option to increase transaction approval rates and thwart first-party and third-party chargebacks.”
This is particularly attractive “to merchants who are at-risk due to high fraud or excessive disputes. Merchants can access Vesta Payment Guarantee on Stripe App Marketplace in H1 2024.”
Second, Vesta will integrate Stripe Connect, which “lets businesses facilitate purchases and payments between third-party buyers and sellers. With Stripe Connect, Vesta merchants and their customers will have a holistic solution that mitigates fraud and risk while processing payments quickly and securely.”
Ron Hynes, CEO of Vesta, said:
“We couldn’t have asked for a more symbiotic partnership. Vesta and Stripe share a goal of making online transactions as simple and worry-free as possible, and collaborating with Stripe allows Vesta to directly reach more merchants with what we love to do – help them grow revenue and eliminate the losses from fraud. The real winners here are the merchants we will jointly serve.”
UK Fintech TrueLayer has joined Stripe’s Payment Element for supporting Open Banking payments.
As covered, 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.
