Stripe has made its ‘better bank transfers solution’ available to businesses in the UK, Europe, and Mexico for the first time.

Launched earlier this year in Japan, Stripe’s solution is aimed at reducing the friction of bank transfers, including the likes of transfer confirmations, reconciliation and accounting, and refunds.

In a blog post about the solution’s out, Stripe highlighted that unlike card payments initiated by a company for a set amount, bank transfers put customers in control of the amount and timing – a reality that can result in amounts which are incorrect, piecemeal, or, at worst, sent to the wrong business.

Stripe’s solution takes away the operational pain of receiving and manually reconciling transfers, the company said.

The bank achieves this in several ways: automated reconciliation; Stripe provides a virtual bank account number (VBAN) for each customer, ensuring that incoming transfers automatically map to the correct customer; one-click API calls for refunding a customer; integration into other processes including invoicing and revenue recognition; and acceptance of other payment methods alongside bank transfers without additional code.

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