Open Banking payments network TrueLayer has become the first European Open Banking payment option offered to customers of Stripe.
TrueLayer is now listed on Stripe’s ‘Payment Element’, allowing Stripe merchants in the UK and Europe to display TrueLayer as a payment option.
The Stripe Payment Element is an embeddable UI component for checkout pages that enables merchants to display relevant payment methods for a given customer, and collect the necessary information to process a transaction, according to TrueLayer.
Consumers that select this Open Banking payment method at checkout are redirected to TrueLayer’s payment page, where they will be able to securely confirm their payment either within their bank app or online bank account.
Francesco Simoneschi, chief executive officer and co-founder of 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,” he added.
Merchants can use TrueLayer’s ‘Payments’ product to accept Open Banking payments in GBP and euros across 21 countries, including France, Spain and Germany, and issue instant refunds to customers via TrueLayer’s Payments API.
TrueLayer recently revealed it had processed more than one million variable recurring payment (VRP) transactions in a single month.
InvestEngine, an exchange-traded funds (ETFs) investment platform, partnered with TrueLayer in July, to implement VRPs for ETF investing.
Hear more about the integration on this episode of Open Banking Expo Unplugged, with Tom Winterton, head of platform at InvestEngine.
