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GoCardless launches fraud prevention tool

Wednesday 23 March 2022 11:41 CET | News

UK-based GoCardless has launched Verified Mandates, a feature within its bank pay platform which combines the Account Information Services (AIS) capabilities of Open Banking with direct debit to stop fraud before it happens.

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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Keywords: product launch, fraud prevention, Open Banking, banks, online banking
Categories: Fraud & Financial Crime
Companies:
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime






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