GoCardless will use the funding to accelerate its open banking strategy, combining the latest technology with its global bank debit network… It will also expand its offering into the adjacent e-commerce market to launch “a simple and secure way of making bank-to-bank payments as a lower-cost alternative to cards”.
… GoCardless expanded its technology offering with Success+, “a payments intelligence tool powered by machine learning”, to help businesses optimise their retry strategy when payments fail.
The firm notes that its instant first payments will offer a lower-cost alternative to cards, before the recurring collection continues via bank debit.
It also wishes to expand into the e-commerce market and develop a unique bank-to-bank payment method for e-commerce payments made to merchants that customers use on a regular basis.
The firm also wants to provide businesses with a complete open banking payment processing service, including features such as refunds, payment reconciliation and error handling.