With this solution, merchants are set to be able to leverage GoCardless to manage account-to-account collections and payouts within a single platform, in turn optimising operations, augmenting reconciliation, and improving payment visibility. Additionally, introducing payouts will support merchants in saving time and resources by eliminating costly set-up, maintenance, and contractual processes, handling collections and payouts in the same place.
The Outbound Payments service offers built-in payment security, with merchants being able to reuse stored bank details from payment collections to minimise manual errors when paying out. Also, Confirmation of Payee supports them in ensuring that payouts reach the right recipient by checking that the payee’s name matches the registered bank account details before funds are transferred. Through this, GoCardless seeks to decrease the risk of accidental or fraudulent transfers.
The launch of Outbound Payments comes as a result of the strategic acquisition and integration of Nuapay, which has experience in processing large payout volumes. Including payouts in the GoCardless Payment Platform advances the company’s commitment to delivering solutions that meet the needs, demands, and preferences of its customers, while also solidifying its position in the market.
Commenting on the news, representatives from GoCardless mentioned that adding payouts to their company’s platform allows it to serve additional vertical sectors and use cases. For example, GoCardless can now simplify claims processing for insurance firms and disbursement of funds for lenders. This assists the company in its development strategy as it works towards strengthening its status as a bank payment network.
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