28 April 2021

GoCardless launches open banking payments

Written By FinTech Alliance in Open Banking

GoCardless launches open banking payments

UK FinTech GoCardless has launched a new open banking feature. 

In Brief:

GoCardless offers payments between banks. 

Its new open banking feature is called Instant Bank Pay. 

It offers merchants the opportunity to collect payments instantly at a lower cost. 

What does this mean? 

GoCardless has big plans for open banking. After its Series F fundraise last year, which came to $95mn and was led by Bain Partners, it said that it would be able to focus on disrupting the payment landscape through open banking. 

Now, Co-Founder and CEO Hiroki Takeuchi has commented on the new development: “We’ve specialised in bank-to-bank payments for over 10 years, with bank debit as the primary payment method. And while it provides many advantages to consumers and businesses, speed of payment authorisation is a drawback. 

“Instant Bank Pay addresses this by giving merchants the best of both worlds: open banking will provide instant confirmation of payment authorisation, enabling them to have immediate visibility of their one-off payments, and bank debit will continue to offer the cash flow, cost and retention benefits they have come to expect.”

Read more here. 

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