Stripe has announced that it has joined forces with payment orchestration startup Orum in order to optimise its real-time payments capabilities.
Following this announcement, the initiative will reflect on Stripe’s broader strategy to offer a modern, fast, and secure payment infrastructure.
The terms of the process were not disclosed, as the initiative comes at a time when real-time payments are beginning to ramp up across the world. The companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on the announcement
According to officials of the company, the initiative is set to add a new infrastructure to Stripe’s non-card payments strategy, as well as accelerate the process of expanding its reach into bank-based infrastructure, with a focus on speed and verification reliability.
Orum’s platform was developed in order to offer bank account verification and payment initiation through the use of a single application programming interface (API). At the same time, its flagship verification tool aimed to have full US coverage and process account validation in a more secure and efficient way. Through this integration, the company is expected to optimise Stripe’s capacity to provide low-latency bank payments, especially for businesses that rely on time-sensitive transfers such as payroll providers, marketplaces, or platforms offering instant payouts.
This announcement follows Stripe’s initiative of Bridge. Valued at USD 1.1 billion, this initiative represented the largest recorded deal within the cryptocurrency sector, and it algned with the company’s renewed focus on the digital asset sector, following a six-year hiatus from offering cryptocurrency-related services.
