Bank-to-bank payments company GoCardless has announced the launch of its new Open Banking feature.

The feature is directly integrated into the FinTech’s global payment platform and will enable merchants to take instant, one-off bank-to-bank payments from both new and existing customers while still having access to bank debit for recurring payments.

“We’ve specialised in bank-to-bank payments for over 10 years, with bank debit as the primary payment method. And while it provides many advantages to consumers and businesses, speed of payment authorisation is a drawback,” said Hiroki Takeuchi, co-founder and chief executive of GoCardless. “Instant Bank Pay addresses this by giving merchants the best of both worlds: Open Banking will provide instant confirmation of payment authorisation, enabling them to have immediate visibility of their one-off payments, and bank debit will continue to offer the cash flow, cost and retention benefits they have come to expect.”

The chief exec added that by enabling businesses to take any kind of payment, the company can challenge the dominance of cards and “move beyond collecting subscriptions, invoices and instalments.”

“The launch of this Open Banking feature means we can now serve any merchant, regardless of whether they have an ongoing or one-off relationship with their customers,” Takeuchi added.

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