GoCardless Launches First Global Network Designed for Recurring Payments with Foreign Exchange Powered by TransferWise

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Partnership empowers businesses to easily collect payments from all over the world at the real exchange rate

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This will take the pain out of getting paid and enable every business to operate in a way that’s truly borderless.

GoCardless, the leading fintech for recurring payments, has created the first global network for bank debit, bolstered by a partnership with TransferWise, the global technology company for international payments.

The new network is the only simple, predictable and transparent way to collect recurring payments such as subscriptions, invoices and instalments via bank debit - a method which reduces failure rates by up to four times when compared to cards¹. Through the GoCardless API, dashboard or partner integrations, GoCardless customers can collect payments via multiple bank debit schemes around the world, without the need to navigate the specific rules for each.

By integrating directly to the TransferWise API, businesses can benefit from low cost, convenient and completely transparent pricing despite the currency and without leaving their account. This cuts out the pain of having to open a new bank account in every country where the business collects payments and eradicates the hefty receiving fees for foreign currency transactions.

With the ability to collect and pay out in over 30 countries worldwide - representing 70% of the global recurring payments volume - the new network will be available to all GoCardless customers via a phased roll-out starting mid-November 2019. Businesses will receive payments at the real exchange rate in GBP, USD, EUR, SEK, DKK, CAD, AUD and NZD.

The unveiling of GoCardless’ new global network comes at a time when U.S. businesses are looking to increase their international growth. New research from a survey conducted by GoCardless and YouGov indicates that while 69% of U.S. businesses collect international payments and 72% of them have ambitions to increase their international growth over the next five years, 58% of them believe it is the complexity of cross-border payments that is holding them back from this expansion.

“Businesses today have global ambitions, but an antiquated, fragmented and opaque payments system is holding them back,” said Hiroki Takeuchi, CEO and co-founder of GoCardless. “Our new network represents a major milestone in our mission to fix this broken system. Companies of all sizes can now tap into the only global network for recurring payments, built on the tried and trusted method of bank debit, with real exchange rates powered by TransferWise. This will take the pain out of getting paid and enable every business to operate in a way that’s truly borderless.”

“GoCardless shares our passion for bringing fairness and transparency to the business banking sector,” added Taavet Hinrikus, chairman and co-founder of TransferWise. “With GoCardless customers trading internationally in over 30 countries, giving them the ability to collect payments in currencies all over the world is a major step change for businesses trading across borders. Together, we’re setting the new standard for business banking, using new technology to offer cheaper, faster, more transparent services that truly meet the needs of today’s businesses.”

A growing number of U.S. businesses -- such as digital marketing agency Growth Alliance, which has clients in the UK, US and Australia -- are already seeing how the new network takes the pain out of getting paid.

'We've been looking to expand our international footprint for a few years, but the complexity of taking payments abroad seemed too much of a hassle,” said Growth Alliance Founder James McGlade. “GoCardless’ new network is just what we're looking for. The FX capability will save us a significant amount of time when reconciling our books, and having just one bank account means it's easier to comply with banking regulations. It's going to be a game changer."

For more information, please visit gocardless.com/international-payments.

¹GoCardless failure rates of 3% vs. 13% failure rates for recurring card transactions (Source: Minimize Churn and Maximize Revenue - A Recurly Guide)

NOTE TO EDITORS:
All figures, unless otherwise stated, are from YouGov Plc. Total sample size for the U.S. was 100 adults (senior decision makers in private businesses of sizes of 50 or more employees). Fieldwork in the U.S. was carried out online and undertaken between October 18-24, 2019.

The U.S. survey was part of wider, global fieldwork conducted by YouGov Plc. with a sample size of 741 adults (senior decision makers in private businesses of 50 or more employees). The global fieldwork was carried out online and undertaken between October 14-30, 2019.

Out of the global research findings, 76% of businesses surveyed collect international payments and 73% of them have ambitions to increase their international growth over the next five years. 39% of them believe it is the complexity of cross-border payments that is holding them back from this expansion.

The new GoCardless network is competitively priced at 2% + 20p (or local equivalent) per transaction.

ABOUT GOCARDLESS
GoCardless is a global leader in recurring payments. Our global payments network and technology platform takes the pain out of getting paid for more than 50,000 businesses worldwide, from multinational corporations to SMBs. Each year GoCardless processes US$13bn of payments across more than 30 countries. We now have five offices around the world in the UK, France, Australia, Germany and the United States. For further information, please visit http://www.gocardless.com and follow us on Twitter @GoCardless.

ABOUT TRANSFERWISE
TransferWise is a global technology company that’s building the best way to move money around the world. Whether you’re sending money to another country, spending money abroad, or making and receiving international business payments, TransferWise is on a mission to make your life easier and save you money.

Over six million people use TransferWise, which processes over £4bn in payments every month, saving customers over £1 billion a year.

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