Bank payment company GoCardless has expanded its collaboration with Billingbooth to include Open Banking and payment optimisation solutions for telcos.
Through this move, GoCardless is set to integrate its suite of bank payment solutions into the Billingbooth platform, supporting telcos in improving their billing and payment process, as well as recovering bad debt.
GoCardless and Billingbooth’s offering for telcos
With this integration, the two companies are set to provide Instant Bank Pay, GoCardless’ Open Banking-enabled payment solution, and Success+, its AI-driven tool, to improve and automate payment retries. The newly added capabilities will complement Billingbooth’s existing GoCardless Direct Debit functionality, offering an end-to-end billing and payment solution for its customers.
When it comes to telcos, specifically those managing high volumes of low-value transactions, effective credit control can become a significant issue. This integration intends to address these challenges by allowing them to take both recurring and one-off payments within a single platform. Instant Bank Pay enables immediate and secure collection of outstanding payments directly from a customer’s bank account, mitigating the need for manual processes and long waiting times. By making the process more efficient, GoCardless and Billingbooth aim to decrease administrative overhead and late payments.
Furthermore, Success+ allows businesses to automatically recover, on average, two-thirds of failed payments, according to company data. Through machine learning, which identifies the best time for payment retries, the tool scales the likelihood of successful collection, further minimising the need for manual debt chasing and optimising cash flow. Commenting on the initiative, representatives from Billingbooth emphasised that, as debt recovery is one of the critical problems for many customers, the collaboration with GoCardless offers a reliable solution that integrates with the company’s platform, so that joint users benefit from an all-in-one service.
Shortly before this announcement, GoCardless rolled out Same Day Settlement+, an AI capability designed to facilitate faster, optimal, and reliable payments. The tools leveraged machine learning models to process transaction data from over 38 million accounts, to accelerate payout times and minimise payment failure rates.
