Stripe chooses TrueLayer as Open Banking partner in the UK

European Open Banking payments network TrueLayer has expanded its partnership with Stripe, to provide the technology behind Stripe’s Pay by Bank offering across its payment products in the UK.

In May this year, Stripe unveiled new payment tools in the UK, including Pay by Bank, which enables merchants to accept payments directly from customers’ bank accounts, making it the first market where Pay by Bank was made available by Stripe.

The rollout of payment features and business financing options by Stripe is part of plans to expand its product range in its second-largest market.

Stripe has now selected TrueLayer as its Open Banking payment partner in the UK, adding Pay by Bank to ‘Stripe Elements’ as a new payment method for UK users.

It means that UK merchants using Stripe can now instantly add this option to their checkout.

Francesco Simoneschi, TrueLayer’s co-founder and chief executive officer, said: “We’re thrilled to be Stripe’s Open Banking partner in the UK.

“By collaborating on Pay by Bank, we’re offering customers the option to pay with their preferred bank account instead of a credit card. This is a significant milestone in the evolution of digital commerce.”

The partnership is underscored by Stripe’s investment in TrueLayer, which co-led the company’s 2021 funding round.

Eileen O’Mara, chief revenue officer at Stripe, added: “We’re thrilled to partner with TrueLayer to help British businesses selling high-value goods and services save tens of thousands of pounds in payment fees every month.”

TrueLayer recently hired its first chief strategy officer to oversee expansion into new markets, drive consumer engagement and accelerate the adoption of its Open Banking solutions.

Lisa Scott joined TrueLayer in the role from Banked, where she was chief executive officer for Europe.