Stripe and Truelayer extend Pay By Bank in Europe

British FinTech TrueLayer has imposed on the European market thanks to its solutions of aggregation of accounts. Precursor of movement Open Banking and Initiation of payment in the United Kingdom, she has just announced the strengthening of her association with the American payment specialist Stripe to deploy an offer from Pay By Bank to Europe.

FACTS

• France and Germany are the two countries particularly affected by the new partnership signed between Stripe and Truelayer.

• Stripe's Pay by Bank product will now rely on TrueLayer's open banking infrastructure, which connects to bank accounts across Europe, to expand beyond British borders.

• Pay By Bank Stripe/TrueLayer payments will be processed in real time and will rely on secure and bank-approved authentication (mostly biometric authentication) to verify transactions.

• In France and Germany, Pay by Bank integration will soon be available to all Stripe users. Stripe's customers will be able to offer this payment option to their customers immediately via the Stripe payment platform.

ISSUES

• Building on success : The volume of Pay by Bank payments in the European Union is expected to reach 30 billion by 2028 according to figures put forward by both partners. Launches in France and Germany are also based on Truelayer's success in these markets, the most important of TrueLayer's outside the UK. TrueLayer deals with Pay by Bank transactions in France and €1.4 billion in Germany every year.

• Simplify payment : The promise of TrueLayer and Stripe today is based on the proposal of a simple and practical payment model, allowing consumers not to have to enter their bank details to allow a payment directly from their bank account, for example via biometric validation.

PERSPECTIVE

• Stripe and TrueLayer are not the only market players trying to impose their Pay By Bank solution. In the UK, Pay By Bank is also a "fast" transfer payment service developed by VocaLink (since acquired by Mastercard), which included the Royal Bank of Scotland (RBS), Barclays, Halifax, Lloyds Bank, HSBC and Natwest.

• The service allows you to pay online or in-store purchases via a quick bank transfer, directly from the user's bank application, without using the card. It rests on the rails of the Faster Payments Service British.

• The solution proposed and defended today by Stripe and Tryelayer relies on Open Banking APIs to work wherever regulation permits. It will thus operate via the DSP2 APIs in France, Germany, as in the UK, without necessarily going through the VocaLink infrastructure.

• Stripe therefore sells under the same name a service that is inspired by the "original" concept, but technically different and adapted to the European regulatory context.

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