TrueLayer, Europe’s open banking payments network, has become the first European open banking payment option listed on payment processor Stripe’s ‘Payment Element’. The move will enable Stripe merchants across the UK and EU to display TrueLayer as a payment method for its customers.
The Stripe Payment Element is an embeddable UI component for checkout pages, currently used by thousands of merchants across the globe. It enables merchants to display relevant payment methods to their customers while collecting the required information to process a transaction.
As TrueLayer becomes the first European open banking payment option listed on the UI, merchants can now offer it within the Stripe checkout flow.
Stripe explained in a release that its customers can now choose smooth, secure open banking payments as an alternative to card payments and the high interchange fees associated with them.
Consumers will be able to select open banking payment at checkout, after which they will be redirected to TrueLayer’s payment page. From here they securely confirm their payment either within their bank app or online bank account. TrueLayer’s payment page enables businesses to accept instant bank payments without having to build or manage their own payment gateway.
Live in the UK and EU, open banking payments by TrueLayer enables Stripe merchants to accept open banking payments in GBP and EUR across 21 countries including key markets like France, Spain and Germany. Merchants will also be able to issue instant refunds to customers via TrueLayer’s Payments API. Sixty-four per cent of e-commerce shoppers stated they would expect a refund within an hour according to TrueLayer’s recent report, the Payment Experience playbook.
“A significant milestone for open banking payments”
Francesco Simoneschi, CEO and co-founder of TrueLayer, explained the significance of the news: “Availability with Stripe’s UI is a significant milestone for open banking payments.
“It makes it even easier for merchants to access bank payments within their Stripe checkout and provides a safe and secure way for consumers to shop online. But this is just step one.
“For TrueLayer, the march continues into e-commerce, where speed, security and card fees continue to present obstacles for merchants across Europe.”
This news comes shortly after over 11 million monthly open banking payments were made in the UK (in July), doubling year-on-year. Just three months later, TrueLayer also announced it had processed over 1 million VRP transactions in a month.
