Stripe unveils Stripe Treasury, an API to embed financial services
By Pavithra R
Stripe, a provider of economic infrastructure for the internet, has announced the launch of Stripe Treasury giving Stripe’s platform users powerful APIs to embed financial services, enabling their customers to easily send, receive and store funds.
Stripe Treasury is a leap forward for Stripe’s platform partners, extending the firm’s level of support they provide to their users. The FinTech is also deepening its partnership with Goldman Sachs to add more functionality to Stripe Treasury in the U.S. next year.
“Everything about running an online business has been transformed by technology, but business banking has largely been left behind. But we’re changing this, just like we set out to change payments a decade ago. Offering a user-centric banking experience should be as easy as spinning up a virtual server—that’s what we’re starting to accomplish at Stripe with our bank partner network,” said Karim Temsamani, Head of Banking and Financial Products at Stripe.
According to recent Stripe research, setting up a bank account takes five and a half days on average (and seven days on average for online businesses), around one in four businesses have to send a fax to open an account, and over 55% of businesses are required to visit a branch in-person to open a bank account. Stripe user’s feedback has revealed they want a digital solution for financial services available directly within the software platform that powers their operations. On the flipside, Stripe’s platform customers are increasingly looking to embed financial services into their product, but oftentimes face barriers in doing so.
Stripe Treasury aims to remove some of these barriers, enabling platforms like Shopify to easily offer its merchants access to critical financial products to manage their businesses’ finances. Shopify has partnered with Stripe and Evolve Bank & Trust to build Shopify Balance, the business account designed to help merchants take control of their finances. Platform business customers can now have near instant access to revenue earned through Stripe, spend this directly from their balance with a dedicated card, transfer it via ACH or wire transfer, pay bills, and more.
“Together, Stripe and Goldman Sachs are focused on relieving the frustrations internet businesses find in making banking work for them. The millions of ambitious, fast-growing businesses in the Stripe ecosystem will soon discover a dramatically improved end-to-end digital banking experience,” said Hari Moorthy, Goldman Sachs Global Head of Transaction Banking.
STripe has also announced enabling standardized access via APIs to its bank partner network, which now includes Goldman Sachs Bank USA and Evolve Bank & Trust as U.S. partners, and Citibank N.A. and Barclays as global expansion partners.
Founded in 2010, Stripe is a technology company that builds economic infrastructure for the internet. Its customer base includes Wayfair, Peloton, Zoom, Instacart, Shopify, Instacart, Twilio, Westfield, Just Eat, to name a few.
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