• GoCardless, an open banking infrastructure provider, has expanded its operations to Germany by launching “Instant Bank Pay” and “Verified Mandates.”

• Instant Bank Pay enables merchants charging recurring payments to accept real-time, one-off, account-to-account payments. End users can make necessary one-off payments such as making initial payment to set up bank debits, purchasing additional products, and account top-ups, without using manual bank transfers.

• Verified Mandates, on the other hand, aims to reduce payment fraud. It leverages open banking to automatically verify customer information in real time when setting up a new direct debit mandate.

• The company plans to launch Instant Bank Pay and Verified Mandates across Europe later this year. 

<ul><li> Analyst Quicktake: This expansion comes shortly after GoCardless raised USD 312 million in funding in February 2022, which it earmarked to partially invest in geographical expansions. Moreover, last December, the company was selected by Klarna to roll out financing solutions in the US, in line with GoCardless’ plans to expand its presence in the US.</ul>