Fintech Insights: Stripe Debuts Open Banking Payments in the UK

May 2024
Fintech & Payments

As part of an initiative to improve access to capital and accelerate growth in UK businesses, Stripe has launched an Open Banking-powered payment method, ‘Pay by Bank’. This is a real-time payment method that enables consumers to pay directly from their bank account; potentially saving merchants money, compared to the interchange fees charged by card networks.

By building on the UK’s Faster Payments Scheme, Stripe is improving the cashflow of businesses; reducing the time taken for businesses to receive earnings from days to hours. This development is free for businesses, and Stripe plans to roll it out across the EU and US later in the year.

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