Digital payment solution GoCardless announced Thursday (July 21) that has partnered with Xero, a global small business platform, to provide its Instant Bank Pay feature to Xero’s customers in the U.K.
Instant Bank Pay, an open banking feature integrated into the GoCardless global payment platform, will allow Xero users to receive one-off bank-to-bank payments from new and existing customers, according to the press release.
GoCardless said Instant Bank Pay supports all businesses, including those with recurring revenue models. The company also cited its own research, which found that 85% of recurring revenue businesses have a need for collecting one-off payments, such as a supplementary fee during tax season, per the release.
“It’s been a pleasure to work hand-in-hand with Xero over the past six years, and we’re strongly aligned in our mission to help small businesses take the pain out of getting paid,” said Duncan Barrigan, chief product officer and chief growth officer at GoCardless. “This integration is the first step to offering Xero’s customers in the UK access to the next era of bank payments through Instant Bank Pay, making their payments faster, cheaper and easier.”
Leigh O’Neill, EGM, Global Financial Services at Xero, added, “One of the biggest challenges for small businesses is the time it takes to generate and issue invoices and then chase payments using multiple systems.
“We recognize that integrated online payments are not only making a huge difference when it comes to saving time but also in helping businesses look professional and credible by providing multiple payment options for different types of customer needs. The GoCardless Instant Bank Pay feature is another way Xero is making it easier for businesses to seamlessly collect payments from their customers.”
GoCardless recently enhanced its open banking functionality thanks to its acquisition of open banking data provider Nordigen.
The deal will bolster GoCardless’ in-house open banking connectivity. It will also help the company expand coverage and add new payment types such as variable recurring payments.
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