Stripe Tour London: Innovating Payments for Sustained Business Growth

Stripe launches open banking in the UK

To help its customers grow, Stripe has taken its first foray into open banking in the UK, launching Pay by Bank. The low-cost, real-time payments option enables customers to pay directly from their bank account, helping businesses reduce payments costs and improve cash flow.

In the UK, Pay by Bank is already being leveraged by online car marketplace Cinch and leading insurance brokerage AJ Gallagher to reduce payment costs and improve cash flow. 

Ruhi Dang, Head of EMEA Product at Stripe, says: “With Pay by Bank, businesses can now toggle on all of these payment methods directly from the Stripe dashboard.

“But how do you know which payment to show to which customer? This is where AI comes into play,” Ruhi continues. 

“Our models are trained on millions of businesses and trillions in cumulative payment volume present the right payment method at the right time to your customers to maximise your conversion. 

“They take into account things like location, currency, device type, browser, transaction amount, even subtle things like commerce patterns in your sector or the past buying behaviour of that consumer.”

The benefits of leveraging Pay by Bank are clear, resulting in a 3% uptick in conversion and a 7% increase in average transaction volume.