GoCardless has launched Outbound Payments, expanding its payment platform to let merchants send money to customers, suppliers and third parties.
Businesses can now use GoCardless to handle both account-to-account collections and payouts on the same system, which is aimed at making operations simpler and cutting out extra admin.
Merchants will be able to reuse stored bank details from previous collections, which is expected to reduce manual errors when paying out.
The system includes Confirmation of Payee checks, confirming that the payee’s name matches their bank account details before sending money, to help prevent mistakes and fraud.
Pat Phelan, chief commercial officer at GoCardless, said: “Thanks to the rapid integration of Nuapay we can now offer an ‘all-in-one’ bank payment platform that serves all payment flows.
“From reducing costs and simplifying back-end processes to increasing payment visibility and protecting against fraud, there are now even more reasons to use GoCardless.
“Adding payouts to our platform also means we can serve new vertical sectors and use cases.”
Phelan added: “For example, we can now streamline claims processing for insurance companies and disbursement of funds for lenders.
“This is a significant step as we pursue our vision of becoming the world’s bank payment network.”
