TrueLayer, the foremost player in Europe’s open banking payments scene, today made headlines by becoming the inaugural European open banking payment solution to be featured on Stripe’s Payment Element.
This move enables Stripe-affiliated merchants in the UK and EU to introduce TrueLayer as a prominent payment choice for their clientele.
The Stripe Payment Element, which has gained significant traction globally, is an innovative UI component, seamlessly incorporated into checkout pages by countless merchants. It’s geared towards showcasing relevant payment options to customers, simultaneously gathering the vital data required to conclude transactions.
This collaboration heralds a new era for merchants. They can now effortlessly integrate TrueLayer’s open banking payment methodology into Stripe’s established checkout procedure. This offers Stripe’s users an enhanced experience by opting for secure open banking transactions over traditional card payments, effectively sidestepping the hefty interchange fees that come with the latter.
At the checkout point, consumers have the privilege to pick open banking as their preferred payment mode. Post this choice, they’re navigated to TrueLayer’s dedicated payment portal. They can then securely finalise their payment via their bank’s mobile application or its web-based platform. TrueLayer’s innovative payment interface is a boon for businesses, granting them the capability to process instantaneous bank transactions without the hurdles of crafting or maintaining a bespoke payment channel.
Prominently active in both the UK and EU, TrueLayer’s Payments solution paves the way for merchants to receive open banking payments in GBP and EUR, spanning 21 nations, with notable inclusions like France, Spain, and Germany. Another remarkable feature allows merchants the facility to promptly refund customers through TrueLayer’s Payments API. This function is especially pertinent in the ecommerce realm. According to a recent study by TrueLayer, titled the “Payment Experience Playbook”, a staggering 64% of ecommerce patrons anticipate a refund within a mere hour.
Francesco Simoneschi, CEO and Co-founder of TrueLayer commented, “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 ecommerce, where speed, security and card fees continue to present obstacles for merchants across Europe.”
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