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June 21, 2022

Stripe launches bank transfers solution in UK, EU, Mexico

Digital payments firm Stripe Stripe has expanded the rollout of its bank transfer solution for business in the UK, the EU and Mexico.

The offering, which is developed to help customers receive and reconcile transfers more easily, was introduced in Japan earlier this year.

It provides customers with a virtual bank account number (VBAN) that will enable automated reconciliation by directing incoming transfers to automatically map to the correct one.

The reconciliation layer also helps businesses to immediately identify the amount paid by customers and allows them to resolve overpayments through the dashboard and API.

Furthermore, Stripe’s solution is claimed to enhance the refund and return processes for customers. It can also be integrated into processes such as invoices, subscriptions and revenue recognition.

The solution also enables the acceptance of other payment methods alongside bank transfers without additional code.

Stripe product manager Paul Glootz said in a blog post: “Businesses can spend hundreds of hours resourcing and accounting for payments, requesting additional transfers and information, and processing refunds from overpayments.

“We’ve built a solution that takes away the operational pain of receiving and manually reconciling transfers.”

Stripe intends to expand bank transfers to the US in the future, replacing its credit transfer beta.

The firm also has plans to develop new account-to-account payment experiences, including open banking payments in the UK.

Earlier this month, Stripe launched a delegated authentication feature to augment payment conversion rates in Europe.  This feature enables merchants to have their customers authenticate purchases right inside a checkout flow.

In April, the firm introduced Stripe Partner Ecosystem, a partner programme that will help companies accelerate their digital modernisation efforts.

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