Direct bank payments provider GoCardless has unveiled a white label product for third party payment providers to access its global bank payment network for bank-to-bank payments.
GoCardless Embed invites payment providers to integrate GoCardless’ global bank payment network straight into their platform through a single, simple API.
The API gives access to bank payment schemes in the UK, the EU and the US, as well as end-to-end payment processing capabilities for bank-to-bank providers. It also allow open banking-powered features, including one-off and recurring payments, account verification, as well as fraud prevention.
Hiroki Takeuchi, co-founder and CEO of GoCardless said: “We’ve spent the past decade optimising bank payments and bringing them into the digital age. Our greatest achievement is building a global bank payment network, connecting disparate payment schemes into one interoperable network – a challenge that our peers and competitors had previously considered insurmountable.
“Now, for the first time, we’ve created a product to open up access to our unique network and we’re excited by the positive reactions so far.”
Through GoCardless Embed, payment providers can meet growing merchant demand for bank payments. Payment providers can also use GoCardless Embed to align with changing payer preferences.
According to a global study by YouGov for GoCardless, when it comes to paying invoices, the top method chosen by consumers globally was bank payments (25 per cent), followed by credit card (21 per cent) and debit cards (18 per cent).
More than half of all business payers also cited bank payments as their most preferred method when making invoice payments.
Embed is described as a ‘fast and easy way’ for third party payment providers to increase revenue through expanding the range of payment methods they offer, keeping their merchants in-platform. Embed also slots seamlessly into existing solutions, meaning payment providers retain complete control over the customer experience.