GoCardless Launches Variable Recurring Payments Offering for Developers and Financial Service Providers

GoCardless, a global leader in direct bank payment solutions, has launched its Variable Recurring Payments offering, enabling developers and financial service providers to prepare for VRPs as the CMA deadline for 'sweeping' approaches. 

This means GoCardless' 'Instant Bank Pay' feature will now support one-off and recurring transactions through open banking. Developer docs are live and a sandbox will be unveiled in the coming weeks for merchants to test their VRP readiness as banks begin to introduce the new technology to the public.

The news comes as Pillar, the new fintech platform, becomes the latest early adopter to choose GoCardless to power its payments. By offering VRPs as a key part of its payment functionality, Pillar will provide customers greater control over their finances through the ability to set payment parameters and make and cancel recurring payments instantly.  

Duncan Barrigan, Chief Product Officer and Chief Growth Officer, at GoCardless, said: "We're delighted to launch Instant Bank Pay for recurring payments, giving merchants a head start on VRPs as banks begin their rollout. We've now had hundreds of conversations with businesses across the country and what stands out again and again is their enthusiasm for VRPs -- especially that moment when they realise how this new technology can unlock their future growth plans. We're proud to power the payments for these innovative companies so they can get on with what they do best: shaking up the status quo.

"A great example is Pillar, with its mission to break down credit borders and unlock access to financial products around the world. By tapping into our unique combination of Direct Debit and VRP, Pillar can customise its payment strategy and take advantage of all the benefits of direct bank payments, from lower fees to greater reliability."

Ashutosh Bhatt, CEO of Pillar, said: "We have big plans and global ambitions as we transform the way people gain access to credit. Our vision requires a partner that is at the forefront of payments around the world, and that's why we're delighted to team up with GoCardless. We're especially excited about their introduction of VRPs, the first genuine real-time payment mechanism which will give our customers more clarity and control over their payments. Given GoCardless' reputation as a leader in this space, working together was a no-brainer."