TrueLayer becomes first European open banking payment option offered to Stripe customers

TrueLayer, Europe’s leading open banking payments network, announces that it has become the first European open banking payment option listed on Stripe’s Payment Element, allowing Stripe merchants across the UK and EU to display TrueLayer as a payment method for their customers.

The Stripe Payment Element is an embeddable UI component for checkout pages used by thousands of merchants around the world. It enables merchants to display relevant payment methods for a given customer, and collect the necessary information to process a transaction.

The news today means merchants can now offer TrueLayer’s open banking payment option seamlessly within Stripe’s checkout flow. Stripe 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 allows businesses to accept instant bank payments without having to build or manage their own payment gateway.

Live in the UK and EU, TrueLayer’s Payments product allows merchants to accept open banking payments in GBP and EUR across 21 countries including key markets like France, Spain, Germany. Merchants will also be able to issue instant refunds to customers via TrueLayer’s Payments API — a pressing matter within ecommerce, with 64% of ecommerce shoppers stating they would expect a refund within an hour according to TrueLayer’s recent report, the Payment experience playbook.

This news follows significant milestones in open banking payments. In July over 11 million monthly open banking payments were made in the UK, doubling year-on-year. Just three months later, TrueLayer announced it had processed over 1 million VRP transactions in a month.

Francesco Simoneschi, CEO and Co-founder, TrueLayer said, “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.”