Verified Mandates works in a three-step process which can be completed in less than a minute.
Firstly, a customer who enters a merchant’s checkout flow will be asked to complete a standard direct debit mandate creation form. After, they’ll be prompted to choose their bank, log into their online banking platform using their usual method and authorise the setup of their direct debit mandate. Lastly, the merchant will receive instant confirmation of the successful verification and the customer can complete the checkout flow as usual.
In 2021, GoCardless launched its first Open Banking feature, Instant Bank Pay, in the. Most recently, GoCardless secured its Series G funding round of USD 312 million to accelerate its Open Banking growth, giving the fintech ‘unicorn’ status with a valuation of USD 2.1 billion.
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