In a significant development for the Nordic e-commerce landscape, a new collaboration is set to redefine the digital payment experience for millions of Finnish consumers by introducing a highly anticipated, locally attuned payment method. The strategic partnership between global payments leader Stripe and open banking pioneer TrueLayer has culminated in the launch of “Pay by Bank” in Finland, seamlessly integrated through the Kustom Checkout solution. This initiative directly addresses the evolving expectations of a digitally savvy population by providing a streamlined and secure alternative to traditional card payments. By leveraging TrueLayer’s robust open banking technology and Stripe’s extensive payments infrastructure, the move allows over 24,000 online merchants using Kustom Checkout to offer a payment option that aligns perfectly with the preferences of their customer base. The launch is a calculated expansion designed to tap into one of Europe’s most mature digital banking markets, aiming to enhance conversion rates and reduce friction at the most critical point of the online shopping journey.
A Strategic Move into a Digitally Advanced Market
The decision to introduce Pay by Bank in Finland was a deliberate one, capitalizing on the nation’s high rate of online banking adoption, which stands as one of the most advanced in Europe. Finnish consumers have long been accustomed to managing their finances through secure, bank-led digital channels, creating fertile ground for a payment method that builds upon this existing trust and familiarity. For customers, the new system offers an exceptionally convenient and secure checkout process. Instead of manually entering credit card numbers, expiration dates, and security codes, shoppers can now authorize payments directly from their bank accounts in a matter of seconds. This not only accelerates the transaction but also significantly enhances security by minimizing the exposure of sensitive personal data. By authenticating directly within their own banking environment, users benefit from their bank’s established security protocols, providing peace of mind and a frictionless experience that is critical for preventing cart abandonment and fostering customer loyalty in a competitive e-commerce environment.
Empowering Merchants and Expanding European Reach
This collaboration delivers a powerful tool for merchants across the Nordic region, fundamentally altering their ability to cater to local payment preferences and optimize their checkout funnels. For the thousands of businesses utilizing Kustom Checkout, the integration of Pay by Bank provides a crucial competitive advantage by offering a trusted, fast, and low-cost payment alternative. This is particularly vital for driving conversions, as a lack of preferred payment options is a primary reason for shoppers abandoning their carts. The Finnish launch marks the next successful phase in the ongoing partnership between TrueLayer and Stripe, which has steadily worked to build a comprehensive pan-European payments network founded on the principles of open banking. This expansion follows previous successful rollouts of the Pay by Bank feature in other key European markets, including the United Kingdom, France, and Germany. The move reinforces a shared vision for a more integrated and efficient payment ecosystem, demonstrating a commitment to providing localized solutions that meet the distinct needs of both businesses and consumers across the continent.
