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Stripe Introduces Open Banking Payments and Faster Payouts

  • Stripe has introduced an open banking-powered payment method and faster manual payouts in the UK, along with expanding Stripe Capital for flexible financing to UK businesses.
  • The company also announced the opening of a new office in London as part of its broader UK expansion strategy.

Stripe has launched an open banking-powered payment method and faster manual payouts in the UK.

Additionally, Stripe Capital was expanded into the UK. A press release issued Tuesday (May 21) announced this news.

According to Stripe’s press release, U.K. businesses on Stripe will be the first to access its first open banking-powered payment method – Pay by Bank – offering low cost, real time transactions whereby consumers pay directly through their bank accounts.

“Businesses selling high-value goods and services could save tens of thousands of pounds in payment fees every month,” the company said in the release.

Stripe will also unveil in the United Kingdom an innovation that allows businesses to receive earnings more rapidly – within hours rather than days, according to their release – than traditional two-day delivery methods, later this year. This offering will then roll out to Europe (EU) and US.

U.K. businesses will gain access to Stripe Capital, which enables small businesses to obtain flexible financing in accordance with their transaction and business history on Stripe. Stripe Capital uses data analytics technology in its selection process in order to prequalify companies for financing options, according to its release.

Stripe Capital-powered financing solutions are now available to U.K. businesses running directly on Stripe, according to a press release from Stripe. Marketplaces and platforms using Stripe Connect may soon also offer financing through this offering to their customers.

“U.K. businesses are inventing and building, but getting access to capital at the right time is a rate limiter on their growth,” John Collison, co-founder of Stripe, said in the release. “The payments tools and financing options we’re launching today will help money move around the economy faster and make it easier for businesses to invest when they see an opportunity to grow.”

Stripe’s announcement of these offerings coincides with its move into London as part of an overall UK expansion plan, where 250 workers across engineering, sales, partnerships, financial compliance and operations departments will work out of its new office.

Stripe’s second biggest market worldwide, Great Britain boasts more of its users located there than in any other city worldwide.

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