GoCardless now offers Variable Recurring Payments (VRP). GoCardless states that its service will enable developers etc. to incorporate VRPs as the deadline for VRPs nears. GoCardless is a direct bank payment solution that facilitates both both recurring and one-off payments directly from customers’ bank accounts through direct debit and Open Banking. GoCardless notes that it has been active in the VRP space since 2019, when it took the first transactions through a sandbox developed by the OBIE.
In June, GoCardless was chosen by NatWest Group to provide VRPs as a new payment option for businesses and consumers.
GoCardless’ ‘Instant Bank Pay’ feature will now support one-off and recurring transactions through Open Banking. A sandbox for VRP will be released in the coming weeks for merchants to test the service.
GoCardless reports that Fintech Pillar has become latest adopter to choose GoCardless to power its payments for a new and more inclusive era of credit across the globe. Pillar will use the GoCardless platform for Direct Debit and VRP.
Duncan Barrigan, Chief Product Officer and Chief Growth Officer, at GoCardless, commented:
“We’re delighted to launch Instant Bank Pay for recurring payments, giving merchants a head start on VRPs as banks begin their rollout. We’ve now had hundreds of conversations with businesses across the country and what stands out again and again is their enthusiasm for VRPs — especially that moment when they realise how this new technology can unlock their future growth plans. We’re proud to power the payments for these innovative companies so they can get on with what they do best: shaking up the status quo. A great example is Pillar, with its mission to break down credit borders and unlock access to financial products around the world. By tapping into our unique combination of Direct Debit and VRP, Pillar can customise its payment strategy and take advantage of all the benefits of direct bank payments, from lower fees to greater reliability.”
Ashutosh Bhatt, CEO of Pillar, said their vision requires a partner that is at the forefront of payments globally and that’s why they selected GoCardless.