TrueLayer’s integration on Stripe’s Payment Element marks a significant step forward in European open banking options.
The first European open banking payment option to appear on payment processor Stripe’s “Payment Element” is TrueLayer, Europe’s open banking payments network. With this change, Stripe retailers in the UK and EU will be able to offer TrueLayer as a payment option to their clients.
Thousands of retailers worldwide presently use the Stripe Payment Element, an embeddable user interface component for checkout pages. It lets retailers show their clients the appropriate payment options while gathering the data needed to complete a transaction.
Using the Stripe checkout flow, merchants may now provide TrueLayer as the first European open banking payment option presented on the UI.
Customers can now select easy, safe open banking payments over credit card payments and the hefty interchange fees that come with them, according to a statement from Stripe.
At checkout, customers will have the option to choose “OpenBankingPayment,” which will take them to TrueLayer’s payment website. From here, users may safely verify their purchase through their online bank account or bank app. Businesses don’t need to create or maintain their own payment gateway in order to take immediate bank payments thanks to TrueLayer’s payment page.
Stripe merchants can now accept open banking payments in GBP and EUR in 21 countries, including important markets like Germany, Spain, and France, thanks to TrueLayer’s open banking payments, which are available in the UK and the EU. Through TrueLayer’s Payments API, merchants will also be able to instantly reimburse customers. According to a recent TrueLayer analysis called the Payment Experience Handbook, 64% of online buyers said they would anticipate a refund within one hour.
“A noteworthy turning point for payments through open banking”
The news’ importance was clarified by TrueLayer’s CEO and co-founder, Francesco Simoneschi: “Availability with Stripe’s UI is a significant milestone for open banking payments.”
“It gives customers a safe and secure online shopping experience and makes it even easier for retailers to accept bank payments within their Stripe checkout. But let’s start with this.
“For TrueLayer, the march continues into e-commerce, where merchants throughout Europe continue to face challenges with speed, security, and card fees.”
This information was released soon after the UK saw over 11 million monthly openbanking payments in July, which doubled from the previous year. After only three months, TrueLayer declared that it has completed more than a million VRP transactions in a single month.
