Clay, an AI-powered credit and debit-as-a-service company, selected bank payment Fintech GoCardless in order to simplify its payments. Clay now uses GoCardless to unify its payment process onto a scalable platform, leveraging GoCardless’ Direct Debit capability to collect repayments and Outbound Payments, the fintech’s disbursement product, to “pay out loans.” By using one provider to collect and send payments, Clay has improved its operations and cut down on manual work.
These efficiencies reportedly extend to the customer experience as well.
Borrowers are now able receive their funds quicker – in as little as three to five seconds – and the automation “minimises the opportunity for human error.”
Overall, this simplified system gives the Clay team “more time to focus on strategic growth and building a better business.”
Clay has also started to implement GoCardless’s open banking feature, Instant Bank Pay, in order to collect one-off payments, with the possibility “to support Variable Recurring Payments (VRPs) in the future.”
Andrés Castaño, Founder and Chief Technical Officer at Clay explained that having one unified platform for collections and payouts has been useful to their business operations.
They further noted that GoCardless‘s solutions free them up from being too concerned about their payments, allowing their team to be efficient, cut down on manual errors, and then focus their energy on product development and building a resilient business for their clients.
Pat Phelan, Chief Revenue Officer at GoCardless said that they are pleased to power Clay’s platform.
By using their single platform to collect as well as send out payments, Clay has been able to “create a lean, hyper-efficient payment strategy that moves at the speed of their business.”
They added that they’re an example of a company using the “agility of an API-first approach to create a better, faster experience for customers.” They are now focused on working cooperatively with them on this particular use-case and with open banking in the foreseeable future.
