GoCardless set to launch global bank debit network with TransferWise

Recurring payments specialists GoCardless has announced that the firm has created a global network for bank debit in collaboration with international online money transfer service TransferWise.

Claimed to be the first of its kind, the new network enables the ability to collect recurring payments such as subscriptions, invoices and installments via bank debit.

Schedule to be released November 2019, GoCardless customers can collect payments via multiple bank debit schemes globally, through the GoCardless API, dashboard or partner integrations.

Hiroki Takeuchi, CEO and co-founder of GoCardless, shared: “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.”

As noted by Takeuchi, the network features integration with the TransferWise API enabling businesses to conduct cross-border transactions without leaving their account, removing the need to open alternative bank accounts.

Clients can collect and payout in over 30 countries worldwide through the product, with payments to be received in GBP, USD, EUR, SEK, DKK, CAD, AUD and NZD.

Taavet Hinrikus, chairman and co-founder of TransferWise, added: “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.”

Recent research conducted by YouGov and GoCardless spanning six markets indicates 73% of businesses surveyed plan to grow internationally within the next five years. 

Despite these ambitions, 39% said the complexity of taking international payments is holding them back from global expansion.