SAN FRANCISCO—Stripe has introduced an open banking-powered payment method in the United Kingdom.
In addition, the company has expanded Stripe Capital to the U.K., PYMNTS noted.
The developments in the U.K. are a likely indicator of the kinds of solutions coming to the U.S., where open banking is also getting closer to reality.
U.K. businesses on Stripe will be the first to access Stripe’s first open banking-powered payment method, Pay by Bank, PYMNTS said, citing a Stripe release.
“This low-cost, real-time payment method allows consumers to pay directly from their bank account,” PYMNTS said.
Save ‘Tens of Thousands’
“Businesses selling high-value goods and services could save tens of thousands of pounds in payment fees every month,” Stripe stated in a released statement.
Stripe will also debut in the U.K. a capability that enables businesses to receive earnings in a couple of hours, rather than the traditional two days, PYMNTS noted.
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