TrueLayer, an open banking payments network, says it has expanded its partnership with Stripe.
TrueLayer now underpins Stripe’s Pay by Bank offering “across its payments products in the UK.”
In May, Stripe unveiled Pay by Bank—a new payment method “enabling 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, “adding Pay by Bank to Stripe Elements as a new payment method for UK users.”
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 account 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.”
As noted in the update, TrueLayer is Europe’s open banking payments network.
They aim to power smarter, safer and faster online payments “by combining real-time bank payments with financial and identity data.”
Businesses big and small use our products to “onboard new users, accept money and make payouts in seconds, and at scale.”
Their products are deployed across 21 countries and 20 million users trust them “to process their transactions.”
They aim to “remove barriers and friction in the most crucial element of commerce: the point of value exchange.”