Stripe Launches New Global Infrastructure for Bank Transfers

Stripe’s new infrastructure for bank transfers automates all reconciliation and creates a streamlined refund process drastically reducing costs.

Stripe has made public the launch of a new infrastructure for wire transfers that reduces any administrative costs dramatically. Traditionally, wire transfers require manual reconciliation where incoming payments are matched against outstanding amounts.

This new infrastructure automates the reconciliation and creates a streamlined reimbursement process where, for example, Spicers of Hythe, a provider of corporate gift baskets, estimates that it will save its financial operations team more than 300 hours per year using Stripe wire transfers.

The new infrastructure will initially be available in the EU, UK, Mexico and Japan.