GoCardless Expands Payment Platform With Outbound Payments

Bank payment company GoCardless announces the launch of Outbound Payments, a significant expansion of its platform that will enable merchants to send money directly to customers, suppliers, and third parties via GoCardless.

Merchants will be able to use GoCardless to manage both account-to-account collections and payouts within a single platform, streamlining operations, simplifying reconciliation and enhancing payment visibility. The introduction of payouts will also help merchants save time and money as they eliminate costly set up, maintenance, and contractual processes by managing both collections and payouts in the same place.

Outbound Payments provides built-in payment security as merchants can reuse stored bank details from payment collections to reduce manual errors when paying out. In addition, Confirmation of Payee helps to ensure that payouts reach the right recipient by confirming that the payee’s name matches the registered bank account details before funds are transferred, helping reduce the risk of accidental or fraudulent transfers.

Outbound Payments is a direct result of the strategic acquisition and rapid integration of Nuapay, which has a proven track record of processing billions in payout volume. Adding payouts to the GoCardless Payment Platform marks a significant milestone in the company’s 14-year history and strengthens its competitive positioning in the market.

Pat Phelan, Chief Commercial Officer at GoCardless said: “Thanks to the rapid integration of Nuapay we can now offer an ‘all-in-one’ bank payment platform that serves all payment flows. From reducing costs and simplifying back-end processes to increasing payment visibility and protecting against fraud, there are now even more reasons to use GoCardless.

“Adding payouts to our platform also means we can serve new vertical sectors and use cases. For example, we can now streamline claims processing for insurance companies and disbursement of funds for lenders. This is a significant step as we pursue our vision of becoming the world’s bank payment network.”

Click here to find out more about Outbound Payments.