GoCardless, in partnership with paytech firm TransferWise, has unveiled a global network for bank debit to facilitate recurring payments.
The new network will enable GoCardless-clients to receive recurring payments including subscriptions, invoices and instalments through bank debit.
The process seeks to lower payment failure rates compared to card transactions.
It will also eliminate the need to open bank accounts in all operating countries individually to receive such payments.
The GoCardless network will enable customers to collect payments through several bank debit schemes, using GoCardless API or similar partner integrations.
Moreover, the integration with TransferWise API will provide the businesses with payment pricing clarity.
TransferWise will also provide foreign exchange (FX) capabilities to convert payments into a recipient’s home currency.
GoCardless CEO and co-founder Hiroki Takeuchi 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.”
The new GoCardless network will be rolled-out in phases starting this month and will support payments across 30 countries.
It will support payments in GBP, USD, EUR, AUD and NZD, among others.
TransferWise chairman and co-founder Taavet Hinrikus said: “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.”