GoCardless launches global network for recurring payments
Billing and B2B invoicing company GoCardless has announced that it is launching a global network designed specifically for borderless recurring payments. The network brings together bank debit systems from around the world and provides a way to collect recurring payments, such as invoices and subscriptions, regardless of where the customer is located.
The company says that a big part of making the network fully borderless is the ability to collect payments across multiple bank debit schemes and countries into a single bank account, through a single interface. As part of building the global network, GoCardless has worked with TransferWise, who will provide the foreign exchange (FX) capability within the global network, thereby allowing funds to be settled in the customer’s home currency.
The network is designed to provide an automated way to collect international pay-ments, without having to rely on the card networks or manual push-based mecha-nisms such as international bank transfers. GoCardless are now able to settle pay-ments directly into the bank account of the client, in their home currency, across any of the 30 countries it currently covers. The company says that those countries account for over 70% of global recurring payments volume.