GoCardless, the fintech for recurring payments, has created the first global network for bank debit, bolstered by a partnership with TransferWise, the global technology company for international payments.
The new network is the only simple, predictable and transparent way to collect recurring payments such as subscriptions, invoices and instalments via bank debit – a method which reduces failure rates by up to four times when compared to cards. GoCardless customers can collect payments via multiple bank debit schemes around the world, without the need to navigate the specific rules for each, through the GoCardless API, dashboard or partner integrations.
By integrating directly to the TransferWise API, businesses can benefit from low cost, convenient and completely transparent pricing no matter what the currency, without leaving their account. This cuts out the pain of having to open a new bank account in every country where the business collects payments, as well as eradicating hefty receiving fees for foreign currency transactions.
With the ability to collect and pay out in over 30 countries worldwide – representing 70 per cent of the global recurring payments volume – the new network will be available to all GoCardless customers via a phased roll-out starting mid-November 2019. Businesses will receive payments at the real exchange rate in GBP, USD, EUR, SEK, DKK, CAD, AUD and NZD.
Partnership empowers businesses to easily collect payments from all over the world, at the real exchange rate
Hiroki Takeuchi, CEO and co-founder of GoCardless, said: “Businesses today have global ambitions, but an antiquated, fragmented and opaque payments system is holding them back.
Our new network represents a major milestone in our mission to fix this broken system. Companies of all sizes can now tap into the only global network for recurring payments, built on the tried and trusted method of bank debit, with real exchange rates powered by TransferWise. This will take the pain out of getting paid and enable every business to operate in a way that’s truly borderless.”
Taavet Hinrikus, chairman and co-founder of TransferWise, said: “GoCardless shares our passion for bringing fairness and transparency to the business banking sector. With GoCardless customers trading internationally in over 30 countries, giving them the ability to collect payments in currencies all over the world is a major step change for businesses trading across borders.
Together, we’re setting the new standard for business banking, using new technology to offer cheaper, faster, more transparent services that truly meet the needs of today’s businesses.”