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Stripe is set to offer customers of European businesses a new way to make payments, as they will soon have the option to opt for open banking-linked transactions over traditional card-based payments. This will be made possible through an integrated checkout solution provided by TrueLayer.
TrueLayer has achieved the distinction of becoming the first European open banking payment option to be featured on Stripe’s Payment Element, an embeddable user interface (UI) component used on checkout pages by thousands of global merchants.
With this integration, consumers will have the choice to select open banking payments when making a purchase. After making their selection, they will be seamlessly redirected to TrueLayer’s payment page, where they can securely confirm their payment within their bank’s app or online banking portal.
Francesco Simoneschi, CEO and Co-founder of TrueLayer, shared his thoughts on this development, saying, “The inclusion of TrueLayer’s payment solution within Stripe’s UI is a significant milestone for open banking payments. It simplifies the process for merchants to integrate bank payments into their Stripe checkout. Additionally, it provides consumers with a safe and secure method to shop online. However, this is just the beginning.”
He further emphasized that TrueLayer’s journey continues in the realm of e-commerce, where challenges such as speed, security, and card fees still create hurdles for merchants across Europe.
This partnership builds upon an existing strong relationship between Stripe and TrueLayer. Notably, Stripe participated in a funding round that raised $130 million for the open banking provider in September 2021, signifying their mutual commitment to furthering the adoption of open banking solutions.
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