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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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
