Stripe now enables instant B2B transfers through a “stripe pay” plug-in, the company said in a Tuesday (Oct. 27) post on LinkedIn.
“Find companies using their Stripe profile handle and send funds for free,” Stripe said in the post. “Available in the Dashboard and CLI.”
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Using the “stripe pay” plug-in requires the sender to have a funded financial account, and the recipient to have a financial account linked to their Stripe profile, according to a Stripe article shared via a link in the company’s post.
Stripe CEO Patrick Collison shared a Stripe post about “stripe pay” in a post on X and added: “A2A payments will be more important than P2P payments.”
The PYMNTS Intelligence report “Accelerating Account-to-Account Transfers via Real-Time Payments“ found in October 2023 that A2A payments had the potential to be a fast, easy transactions method but were falling short of realizing their full potential.
“Implementing real-time rails could make these payments much more convenient for consumers and businesses, especially consumers wanting to pay for goods and services directly from the businesses themselves,” the report said. “Banks and [financial institutions] seeking to increase the prevalence of A2A payments have multiple real-time options available to them, and for businesses aiming to reduce credit card fees, switching to A2A payments will likely reward them richly with customer loyalty.”
Another PYMNTS Intelligence report, “Ready and Willing: B2B Payments Are Headed for Real-Time Rails. Here’s How They’re Getting There,” found that businesses using real-time payment rails rate them higher than traditional payment methods and that adoption plans are evolving across the B2B landscape. The report found that faster settlement, better cash flow control and ERP integration are shaping what comes next.
In some other recent moves reported by PYMNTS, Stripe teamed with Plasma to introduce multi-currency stablecoin cards designed to give people and businesses an easier time spending across currencies and markets; announced it plans to work with FedEx Dataworks to leverage their respective platforms to expand access to financing for small and medium-sized businesses; and said it plans to strengthen its support for platforms by acquiring embedded financial products platform Parafin, which provides platforms with credit offerings for their small business customers.
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