Stripe is making its bank transfer offering available to businesses in the UK, EU and Mexico.
Launched in Japan earlier this year, the Stripe infrastructure promises to take the friction out of bank transfers, saving businesses hundreds of hours on confirming transfers, reconciliation and accounting, and refunds.
Stripe offers automated reconciliation, providing a virtual bank account number (VBAN) for each customer, so that incoming transfers automatically map to the correct one. A reconciliation layer allows businesses to immediately see if a customer has paid too much or too little — and can resolve overpayments through the dashboard and API.
Stripe users can return a payment to a customer without initiating a new bank transfer from their account — a feature not natively built into the bank transfers scheme. The firm also offers integration directly into other processes, like invoices, subscriptions, and revenue recognition.
Stripe says it will bring the infrastructure to the US at a later date and will also build new account-to-account payment experiences, such as Open Banking payments in the UK.