Stripe Offers Businesses Customer-Account Verification Tools

Stripe, the financial infrastructure platform, will help businesses set up direct connections with customers’ bank accounts, a press release says, letting them set up various financial processes.

With its new program, Stripe Financial Connections, customers can verify accounts for various payments and payouts, check balances and reduce fraud, through confirming bank account ownership.

Financial Connections will give an easy solution as customers will just be able to enter online banking information, then selecting whatever account they want to link.

“As in-person worship returns, we’re doing everything we can to help our churches sustain themselves and the communities they serve. Stripe Financial Connections lets us quickly and easily verify bank accounts for donations. This is good for the churches we support, who can more easily accept donations, and good for their members, who can quickly link their bank accounts,” said Jeremy Ricketts, product manager at Planning Center, a software platform for churches.

The release notes how direct bank account connections have usually been almost impossible to establish on a consistent base, with businesses having to build custom integrations with various financial institutions or do other kinds of work-arounds, like asking customers to type in routing and account numbers before confirming microdeposits days later – a slow and cumbersome process, according to Stripe.

PYMNTS wrote that Stripe also recently debuted a partner program including companies whose services enable its users to do well in the internet economy.

See more: Stripe Launches Stripe Partner Ecosystem

Called the Stripe Partner Ecosystem, the program will make it easier for companies to connect with the right partners needed for their specific goals.

This comes as many companies are looking for more support to help digitize in the current times, which calls for a digital shift at rapid speeds. Third-party tech and payments expertise has thus been in demand, along with things like Software-as-a-Service, cloud infrastructure and eCommerce platforms.