GoCardless rolls out two open banking solutions in Germany

UK-based paytech GoCardless has rolled out two new open banking features in Germany, Instant Bank Pay and Verified Mandates.

GoCardless brings two open banking solutions to Germany

Instant Bank Pay allows merchants to take one-off account-to-account (A2A) payments, while also maintaining direct debit agreements with customers.

Verified Mandates leverages open banking to automatically verify customer information when setting up a direct debit mandate, reducing the risk of fraud.

GoCardless general manager of continental Europe, Alexandra Chiaramonti, says: “Open banking is growing rapidly, with 64 million active users projected in Europe by 2024.

“With the launch of Instant Bank Pay and Verified Mandates, we’re enabling German merchants to get ahead of the curve.”

Instant Bank Pay represents “a new breed” of instant payments in Germany, GoCardless says, addressing the need of recurring revenue businesses to collect additional one-off payments securely from customers.

This solution does away with the need for card payments, and their associated fees, as well as manual bank transfers.

Verified Mandates is a verification process built into the payment flow, reducing the need to purchase additional fraud prevention solutions with customers automatically connected to their online banking platform and fully verified with a few clicks.

The solutions form part of GoCardless’ ongoing open banking roadmap. In the UK, the paytech has rolled out a Variable Recurring Payment pilot with NatWest and gained its first VRP customer, Nude.

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• Source: https://www.fintechfutures.com/2022/06/gocardless-rolls-out-two-open-banking-solutions-in-germany/