back Back

GoCardless launches Instant Bank Pay and Verified Mandates in Germany

By Joy Dumasia

June 21, 2022

  • API Banking
  • Direct Bank Payments
  • Europe

GoCardless, a FinTech in direct bank payment solutions, has launched two open banking features in Germany by introducing Instant Bank Pay and Verified Mandates.  

Alexandra Chiaramonti, General Manager of Continental Europe at GoCardless, said: “Open banking is growing rapidly, with 64m 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. We’re excited to offer this new technology to help them tackle a range of challenges, from high card fees to payment fraud, while at the same time offering consumers a preferred, more secure, and seamless way to pay.”

Instant Bank Pay allows merchants to take instant, one-off account-to-account payments from new and existing customers while reaping the benefits of bank debit for recurring payments. The open banking feature represents a new breed of instant payments in Germany and addresses an issue that is particularly acute for recurring revenue businesses: according to research from GoCardless, 88% of merchants in Germany with this model need to collect additional one-off payments. Although bank debit is preferred in Germany, with consumers citing it as their top way to pay for subscriptions, household bills and instalments, it is not suitable for one-off payments because it doesn’t provide instant visibility of payment authorisation. 

Merchants can build the Instant Bank Pay feature into their checkout flow or send a payment request with a link to pay. Similar to a mobile wallet payment, payers are seamlessly connected to their bank and can authorise payment directly from their bank account in just a few clicks. 

Verified Mandates uses open banking to automatically and instantly verify customer information as part of the flow of setting up a new direct debit mandate, thereby reducing payment fraud. This risk is common, particularly amongst B2C companies processing many transactions. With Verified Mandates, GoCardless offers merchants a simple way to stop fraud before it happens without compromising the customer journey.  

IBS Intelligence reported that Nude, the savings app for first-time buyers, has selected GoCardless, a global leader in direct bank payments, to power the payments for their users to save and invest for their first home deposit.

Previous Article

June 21, 2022

Mashreq launches a digital banking for the next gen

Read More
Next Article

June 21, 2022

Qashio launches the UAE’s first corporate card and spend management solution

Read More

IBSi Daily News Analysis

digital wallets

March 01, 2024

API Banking

Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 01, 2024

Hecto Financial eases cross-border transactions with new solution

Read More

March 01, 2024

Marqeta & AffiniPay team to launch SMB credit card solution

Read More

March 01, 2024 activates Cartes Bancaires on Tap to Pay on iPhone in France

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023