Stripe has just recently announced a new product that is going to revolutionize banking operations. This is the launch of a infrastructure for transfers between banks that drastically reduces the administrative costs.
Traditionally, wire transfers require a manual reconciliation, where accounting teams have to match incoming wire transfer payments with amounts due. In addition, the refund of traditional bank transfers requires the manual setup of a bank transfer in the opposite direction.
Stripe’s new infrastructure for bank transfers automates all reconciliation and create a streamlined reimbursement process by dramatically reducing costs.
automated reconciliation
In this regard, Strype provides a virtual bank account number (VBAN) for each customer, so that incoming transfers are automatically assigned to the correct user. VBANs are localized and regionally recognizable (eg start with “DE” for German customers). A reconciliation layer allows businesses to immediately see if a customer has paid too much or too little, and can resolve overpayments through the dashboard and API.
Simplified refund and return processes
Stripe users can return a payment to a customer without initiating a new bank transfer from their account, a feature that is not natively integrated into the bank transfer scheme. With a simple API call or dashboard click, users can reimburse a customerwithout the need to configure it as a beneficiary.
Integration directly into other processes
This is the case of invoices, subscriptions and revenue recognition. Bank transfers are supported by the revenue management suite, further removing the operational burden for users. They can request a payment by bank transfer with billing and increase recurring revenue with the subscription logic provided by billing. Revenue recognition streamlines accrual accounting so the books can be closed quickly and accurately.
Acceptance of other payment methods
It is done together with bank transfers without additional code. The new bank transfer payment method works with Stripe’s Payment Intents API, which means users can offer bank transfers from the dashboard, with no additional integration required. This way, users can have a unified view of all incoming payments (instead of having to log into their bank account just to see bank transfers).
