Direct payments firm GoCardless has launched a new integration for third party payment providers to access its global bank payment network entitled GoCardless Embed.
GoCardless believes this new function will allow merchants to reap the benefits of bank-to-bank payments which allows payment providers to integrate GoCardless’ global bank payment network straight into their platform through a single API.
GoCardless Embed allows bank payment schemes in the UK, Eurozone and US, with more to be announced in the near future. The new feature also enables end-to-end payment processing capabilities for bank-to-bank payments including reconciliation, mandate management, reporting and refunds.
In addition, the banking firm will tap into open banking-powered features, including instant one-off and recurring payments in the UK to allow for account verification and fraud prevention across varying markets.
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.”
GoCardless Embed hands providers a way to tap into the account-to-account market, and expand their total market to new verticals and use cases where bank payments are preferred in a “fast and easy way”.
Additional benefits for businesses include increasing revenue through expanding the range of payment methods they offer, as payment providers can retain complete control over the customer experience.
“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,” concluded Takeuchi.