Stripe spotted in Europe

Stripe spotted in Europe

US payments firm Stripe has launched “Managed Accounts” for its Stripe Connect to marketplaces in the UK, Ireland, Sweden, Denmark, Finland, and Norway.

Stripe says by using Managed Accounts, marketplaces in Europe can design “lightweight” setup flows, configure payment schedules, decide who pays fees, determine when information is collected, and more.

Managed Accounts was launched last year in the US and Canada. Stripe says marketplaces in Europe can now use it for sellers or contractors in any of the 25 countries that it supports without having to register a local business entity or establish “banking relationships” in each region.

The company says users are also no longer required to acquire licences or “decipher per-country compliance intricacies”.

Stripe says its service helps verify seller identities (to comply with Know Your Customer {KYC} and prevent fraud), collect and verify sellers’ banking information, track seller earnings, help sellers get paid on the right schedule (and in their preferred currency), help handle tax reporting requirements, and more.

The road ahead

The payments space is packed to the rafters with big players and new entries.

Recently, Leda Glyptis, at Sapient Global Markets, wrote an opinion piece for Banking Technology on the subject – Why payments can no longer be “an industry”.