Stripe launches new Open Banking payment service

Stripe has announced the launch of several payment tools and financing options as it expands its footprint in the UK.

New services include Pay by Bank, Stripe’s first Open Banking-powered payment method, which allows customers to pay in real time directly from their bank.

The payment infrastructure company says that businesses selling high value goods and services using Pay By Bank could save tens of thousands of pounds in payment fees each month.

Stripe also said it is now helping UK businesses to access their funds more quickly through the Faster Payments Scheme which it said will help companies manage cashflows more efficiently. Stripe will roll out the scheme to the EU and the US later this year.

Additionally, the company announced the launch of Stripe Capital in the UK to enable small businesses flexible financing to invest in their expansion. Citing a study by the Federation of Small Businesses (FSB), Stripe said that only 50 per cent of bank loan applications by small businesses were approved last year, a fall from 80 per cent in 2018.

Stripe Capital is available to UK businesses that run directly on Stripe, while UK platforms which use Stripe Connect will be able to use the service later this year.

As well as expanding its range of products, Stripe said it has opened a new flagship office in London for its engineering, sales and operations team.

The UK is Stripe’s second largest market, with around 600 new businesses joining its network every day.

“UK businesses are inventing and building, but getting access to capital at the right time is a rate limiter on their growth,” said John Collison, co-founder of Stripe. “The payments tools and financing options we’re launching today will help money move around the economy faster and make it easier for businesses to invest when they see an opportunity to grow.”



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