GoCardless teams up with TransferWise to launch service for recurring payments

By John Reynolds on 6th November 2019

Fintech

The move comes as research reveals complexity of international payments is thwarting global expansion of businesses.

GoCardless teams up with TransferWise to launch service for recurring payments
Image source: TransferWise Co-founder Taavet Hinrikus and GoCardless Co-founder Hiroki Takeuchi.

GoCardless is launching a global network so its customers can manage subscriptions, invoices and other recurring payments in a "transparent" way without the hassle of opening multiple accounts and dealing with the complexity of different foreign currencies.

GoCardless has teamed up with TransferWise to offer the service, which launches today.

The launch of the network comes as YouGov research reveals the complexity of international payments is thwarting businesses from global expansion.

GoCardless claims the network is a "predictable" and "transparent" method for its customers to collect recurring payments like subscriptions, invoices and instalments via bank debit.

The network will allow its customers to collect payments via multiple bank debit schemes around the world, through API, obviating the need for customers to navigate country-specific rules.

"By integrating directly to the TransferWise API, businesses can benefit from low cost, convenient and completely transparent pricing no matter what the currency, without leaving their account," GoCardless said.

"This cuts out the pain of having to open a new bank account in every country where the business collects payments, as well as eradicating hefty receiving fees for foreign currency transactions."

The service, which will allow GoCardless customers to collect and pay out in over 30 countries globally, will be rolled-out starting in mid-November.

Hiroki Takeuchi, CEO and co-founder of GoCardless, said: “Businesses today have global ambitions, but an antiquated, fragmented and opaque payments system is holding them back."

“Our new network represents a major milestone in our mission to fix this broken system. Companies of all sizes can now tap into the only global network for recurring payments, built on the tried and trusted method of bank debit, with real exchange rates powered by TransferWise."

"This will take the pain out of getting paid and enable every business to operate in a way that’s truly borderless.”

Taavet Hinrikus, Chairman and co-founder of TransferWise, said: “GoCardless shares our passion for bringing fairness and transparency to the business banking sector.”

“With GoCardless customers trading internationally in over 30 countries, giving them the ability to collect payments in currencies all over the world is a major step-change for businesses trading across borders."

"Together, we’re setting the new standard for business banking, using new technology to offer cheaper, faster, more transparent services that truly meet the needs of today’s businesses.”

Research from YouGov and GoCardless says that 58 percent of UK businesses plan to grow internationally within the next five years but that 19 percent say the complexity of taking international payments is holding them back from global expansion.

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