Digital Banking

GoCardless launches ‘Instant Bank’

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April 30, 2021

GoCardless, a global bank-to-bank payment and technology platform, is launching Instant Bank Pay, an open banking feature directly integrated into its payments platform.

With Instant Bank Pay, merchants can take one-off bank-to-bank payments from new and existing customers instantly, while still using the benefits of bank debit for recurring payments, according to a press release.

"We've specialized in bank-to-bank payments for over 10 years, with bank debit being the primary payment method," Hiroki Takeuchi, co-founder and CEO of GoCardless, said in the release. "And, while it provides many advantages to consumers and businesses, speed of payment authorization is a drawback. Instant Bank Pay addresses this pain point by giving merchants the best of both worlds: open banking will provide instant confirmation of payment authorization.., and bank debit will continue to offer the cash flow, cost and retention benefits business owners have come to expect."

"By enabling businesses to take any kind of payment through GoCardless, we can challenge the dominance of cards and move beyond collecting subscriptions, invoices and installments," Takeuchi said. "The launch of this open banking feature means we can now serve any merchant, regardless of whether they have an ongoing or one-off relationship with their customers."