Stripe, a provider of a payment processing Platform, is launching an embedded finance API called Stripe Treasury. The new API will allow partners to embed banking services into their platform or online marketplace.
Using Stripe Treasury developers will be able to create bank accounts, store funds, move money, pay bills, and attach payment cards. This is possible through Stripe’s partnership with global banking partners including Goldman Sachs, Citi, Barclays, and Evolve. Stripe intends this new offering to remove the friction in managing banking features and enable a new set of functionality for online marketplaces.
The announcement highlighted an upcoming Integration with Shopify as a prime example of the value that this service provides to its partners. Shopify will leverage Stripe Treasury to power Shopify Balance, a new way for Shopify merchants to manage finances on the platform. Stripe Treasury’s product page quotes Tui Allen, Senior Product Lead for Banking at Shopify as saying that:
“Stripe Treasury gives us the flexibility to customize Shopify Balance specifically for our merchants. By building across Stripe’s payments and banking infrastructure, we’ve been able to give Shopify merchants access to critical financial products that meet their needs, like faster access to funds and rewards, helping them further grow their businesses.”
Stripe Treasury is currently available in the US as invite-only. In the near future Stripe plans to make the service generally available and to expand outside of the United States.