Until now, if you wanted to use the myriad of Stripe’s product offerings, you had to process payments through Stripe.

But that is no longer the case. At the company’s annual conference in San Francisco yesterday, Stripe Chief Product Officer Will Gaybrick announced that the company is “extending our modularity to the very core of Stripe: payments processing.”

So now, companies that have long-term contracts with Adyen, PayPal or any other processor, will be able to use any of Stripe’s products. This is targeted at large enterprises who may not be willing to break these contracts.

While Stripe started helping small businesses they are very much focused on the larger corporate market today as there are now more than 100 companies that process at least $1 billion annually by using Stripe products.

Stripe famously revealed last month that the company processed more than $1 trillion in payments volume in 2023.

With this move by Stripe, the inexorable march towards a world dominated by embedded finance continues.

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• Source: https://www.fintechnexus.com/fintech-nexus-newsletter-april-25-2024-stripe-walking-the-walk-on-embedded-finance/