GoCardless, a global FinTech firm specialising in bank payment solutions, has introduced Same Day Settlement+, a new tool designed to revolutionise Direct Debit processing.
The launch of Same Day Settlement+ addresses a longstanding challenge in the payments ecosystem: delays in cash flow caused by slow BACS settlement cycles and late payment failures, according to FF News.
By offering near-instant access to funds, the solution provides a crucial upgrade to traditional Direct Debit systems.
GoCardless has built its reputation as an end-to-end provider of bank payment solutions, serving over 85,000 businesses worldwide.
Its platform simplifies the collection of payments via Direct Debit, Open Banking, and other bank payment methods, offering seamless integration with popular accounting and billing platforms.
Same Day Settlement+ leverages GoCardless’s proprietary machine learning algorithms, trained on transaction data from more than 38m accounts. This innovation enables over 96% of successfully collected payments to be paid out on the same day, significantly reducing the traditional two-day settlement period and cutting late payment failures by more than 80%.
Currently rolled out to a select group of customers, the tool is undergoing a data-training phase, which allows it to develop tailored predictive models for optimal performance across a diverse range of businesses. This phased launch ensures more accurate settlement forecasts and a high success rate from day one.
According to GoCardless, 58% of merchants see same-day settlement as extremely beneficial to their operations. It improves cash flow visibility and accelerates access to capital, while 85% of merchants believe faster payouts strengthen their relationships with customers and suppliers.
John Cooper, managing director at Communicate Telecoms said, “The same-day settlement service has been a game-changer for our monthly bill run. Like many small businesses, cash flow is one of our biggest challenges, and this service has made it significantly more manageable to get our funds at speed. This provides a massive boost to our finances.”
GoCardless chief product officer Shaun Puckrin said, “We’re constantly innovating to make bank payments simpler and more efficient for businesses. Our new feature is a testament to that commitment, and a true differentiator for Direct Debit in the market. By combining payout speed with significantly reduced late failure rates, merchants can now enjoy the best of both worlds.”
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