Financial Connections will let Stripe’s customers connect directly to their customer’s bank accounts, to access financial data to speed up or run certain kinds of transactions. These include verifying accounts for payments and payouts; to check balances ahead of a payment being made to ensure there’s enough money there; to confirm account ownership. Details like these can in turn be used to help underwrite risk for loans or to track spending patterns and automatically pay bills.
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Stripe flexes its fintech muscle with Financial Connections to pull banking data automatically
“Businesses have been asking us for an easy, secure way to connect to and verify their customers’ bank accounts,” said Clara Liang, business lead at Stripe, in a statement. “Stripe Financial Connections delivers just that.”
