TrueLayer, Europe’s leading open banking payments network, today announces an expansion to its partnership with Stripe. TrueLayer now underpins Stripe’s Pay by Bank offering across its payments products in the UK. In May, Stripe unveiled Pay by Bank—a new payment method enabling merchants to accept payments directly from customers’ bank accounts, streamlining the payment process and reducing transaction fees. Stripe has chosen TrueLayer to be its open banking payment partner in the UK, adding Pay by Bank to Stripe Elements as a new payment method for UK users.

TrueLayer co-founder and CEO, Francesco Simonsechi: “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.”

In its annual letter published in March, Stripe highlighted the importance of removing barriers in online purchases and checkout flows. TrueLayer’s open banking technology supports this vision by powering flexible, real-time and SCA account to account payments. 

The first UK Open Banking provider to deliver commercial VRP through an API, TrueLayer reached the milestone of powering 1 million monthly VRP transactions last year. Stripe’s investment in TrueLayer, having co-led the firm’s 2021 Funding Round, underscores this partnership.

Eileen O’Mara, Chief Revenue Officer at Stripe: “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.”