Stripe reveals new international function for global clients

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Payment processing platform Stripe will soon begin providing a new international function for its customers in the US only, and while it is still being tested, it is expected to be on offer in over 30 nations around the globe soon.
  • The rules and requirements for customers in these countries may change depending on the exact regulatory framework in place there.
  • Stripe emphasised that certain parts of the supply chain, such as freelancers and those providing services of various types, would be able to benefit.

Online money transfer service and processing platform Stripe has revealed that it will start offering an international element to clients located in the US.

Stripe, which is well known as one of the world’s leading payment processors, made the reveal on Wednesday.

The function, which is still in testing form, will soon be able to provide clients with the capacity to send money in national currencies to more than 30 nations around the world.

Some of these countries are in Europe, the firm said, while others are in the Asia-Pacific region.

There will be some variations in the rules and scope of the transfer systems though, depending on location.

The onboarding requirements, for example, will change depending on where in particular a customer wishes to send money.

Press articles detailing the announcement did point out that Stripe failed to explain whether or not there would be any upper caps on the amount of money that can be sent.

In a statement, Stripe detailed some extra information about how the service will work.

In particular, it went into more information about which nodes in a firm’s supply chain might benefit the most from the new functions.

“Cross-border payouts enable you to pay sellers, freelancers, content creators, and service providers in their local currencies,” it said.

“You can transfer funds to connected accounts in other countries with your existing platform account and charge configuration,” it added.

The news comes just a day or two after a cloud payment provider announced that it would now work with Stripe.

PCI Pal, which works globally, will provide Stripe’s customers with enhanced security solutions.

In a statement, David Swift, who is the director of channel sales at PCI Pal, said that customers looking to ensure that they were compliant with relevant rules would benefit from the joint service.

“By partnering with Stripe, customers are able to deploy a secure, PCI compliance solution quickly and the integration with our partner Stripe is already proven,” he said. 

“There are a number of synergies between the two companies – both providing flexible APIs that developers like working with,” he added.

Stripe is fast becoming a household name in the payments sector.

It is based in California, and has been described by some press outlets as “Silicon Valley’s most valuable start-up”.

The firm is believed to have secured funding of more than $1.5bn since it was launched.

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