TrueLayer Expands Partnership with Stripe to Enhance Pay by Bank Feature in the UK

TrueLayer, a leading European Open Banking payments network, has announced an expansion of its partnership with the payment processing company, Stripe. This collaboration aims to provide the underlying technology for Stripe’s Pay by Bank feature across its payment products in the United Kingdom.

Pay by Bank allows merchants to accept payments directly from their customers’ bank accounts, offering a streamlined payment process while reducing transaction fees. This development marks the introduction of Pay by Bank in the UK, which is Stripe’s first market for this feature.

With the integration of Pay by Bank into Stripe Elements, UK merchants can now easily add this payment method to their checkout options. This enhancement falls in line with Stripe’s strategy to expand its product offerings in the UK, which represents its second-largest market.

Francesco Simoneschi, co-founder and CEO of TrueLayer, expressed enthusiasm about the partnership, stating, “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, which signifies a significant milestone in the evolution of digital commerce.”

This partnership is further solidified by Stripe’s previous investment in TrueLayer, as it co-led the company’s funding round in 2021. 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.”

To support this expansion, TrueLayer has appointed Lisa Scott, a former CEO at Banked, to oversee new market initiatives, enhance consumer engagement, and accelerate the adoption of its Open Banking solutions.