Payment processing giant Stripe has announced the launch of a bank transfer solution that will enable customers to receive and reconcile transfers more easily.
Although the solution was launched earlier this year in Japan, it has now been made available to users in Mexico, the United Kingdom, and the European Union.
The New System Has Several Applications
The new system can be applied to several things, including simplified refund and return processes and automation reconciliation. It can also be applied for integration into things like revenue recognition, subscriptions, and invoices, as well as other business processes.
According to the announcement, customers will be offered a virtual bank account number (VBAN) to channel incoming transfers to the right customer. This will enable the bank to allow businesses to quickly verify if a customer has paired too little or made an excess payment.
Additionally, it will ensure that users can return payments to a customer without setting up a new bank transfer from their accounts. This simplifies the whole process from the traditional way where users had to provide the service by setting customers up as a payee.
The new process is coming when business organizations are facing serious challenges due to bank transfer problems where the customer controls the timing and the amount.
The Solution Will Provide Automation In Transfer Process
The new solution will come in handy for business organizations, according to Stripe. It will reduce the time spent by businesses to account for payments and get the required information. The new solution will save time on manual reconciliation as it won’t be necessary to reconcile the incoming funds with invoice references.
Stripe is also expanding its Terminal to other regions, as Singapore has been added to its list of countries it now covers.
The Terminal has been available in the US since 2019. It allows businesses to solve payment processing solutions using three different components. These include mobile apps, an application programming interface (API), or software development kits (SDKs).
