Stripe Offers Bank Transfers to Businesses in UK, EU, Mexico

Stripe has developed a bank transfer solution which will help customers receive and reconcile transfers more easily, according to a Monday (June 20) company blog post.

The solution, which was released in Japan earlier this year, is also available to businesses in the United Kingdom, the European Union and Mexico.

Stripe’s solution works on numerous things, including automated reconciliation, simplified refund and return processes and integration into things like invoices, subscriptions and revenue recognition.

The post said the company will provide customers with a virtual bank account number (VBAN), making it so incoming transfers will map for the correct customer — and will also let the bank let businesses instantly see if a customer has paid too much or too little.

It will also let Stripe users return a payment to a customer without initiating a new bank transfer from their account, simplifying it from the old way where they had to set the customer up as a payee.

This comes as businesses are seeing challenges because of bank transfer issues, in which the customer is control of the amount and timing. Reconciliation is manual, too — recipients have to find and match orders and invoices to incoming credits on their bank accounts.

That can see businesses spending “hundreds of hours” accounting for the payments and getting needed information, along with processing refunds. According to the blog post, Stripe’s services can help save time on manual reconciliation through not needing to match the incoming funds with invoice references.

Stripe also recently made its Terminal available for businesses in Singapore, PYMNTS wrote earlier this month.

See also: Stripe Brings Its Terminal to Singapore

The company said extending sales from online to in-person “meant stitching together point-of-sale hardware and software, managing burdensome security and certification processes, as well as complying with changing regulatory and hardware requirements.”

The Terminal, available for three years in the U.S., lets businesses work through those issues using three components — a pair of software development kits (SDKs) and application programming interfaces (APIs) offering a “fully custom” checkout online or through mobile apps. This allows for a single integration to power payments globally.