TrueLayer has announced that its technology is now the foundation for Stripe’s “Pay by Bank” feature in the UK.
Under the agreement, Stripe has selected TrueLayer to be its Open Banking payment partner in the UK, adding Pay by Bank to Stripe Elements as a new payment method for UK users.
Eileen O’Mara, Chief Revenue Officer at Stripe, remarked: “We’re thrilled to partner with TrueLayer to help British businesses selling high value goods and services save tens of thousands of pounds in payment fees every month.”
Aiming to streamline the payment process and reduce transaction fees, Stripe unveiled Pay by Bank, a payment method that enables merchants to accept payments directly from customers’ bank accounts.
The company hopes that TrueLayer’s Open Banking technology will support its vision of removing barriers in online purchases by powering real-time and SCA account-to-account (A2A) payments.
Francesco Simonsechi, Co-Founder and CEO of TrueLayer, commented: “We’re thrilled to be Stripe’s open banking partner in the UK. By collaborating on Pay by Bank, we’re offering customers the option to pay with their preferred bank account instead of a credit card. This is a significant milestone in the evolution of digital commerce.”
This deal is an expansion of an existing partnership and another development in what is a long-term relationship between the two companies, with Stripe having co-led the firm’s 2021 Funding Round.
Additionally, last October, TrueLayer announced its debut as the first European Open Banking payment option listed on Stripe’s Payment Element. This enalbed Stripe merchants across the UK and EU to display TrueLayer as a payment method for their customers.
This also marks another expansion of Stripe’s activity in the UK, something the Ireland-founded multinational firm has been increasingly focused on lately.
Back in May, Stripe launched new payments products for UK customers whilst also setting up a London HQ. Stripe Founder and CEO, John Collison, highlighted the firm’s growing business customer base in the UK as well as the country’s ‘talent, infrastructure, and financial centre’.
