As it advances toward its goal of becoming the world’s bank payment network, GoCardless, the pioneer in direct bank payments, recently revealed its intent to takeover Nordigen, the freemium vendor of open banking data. With more than 2,300 banks in 31 countries connected through Nordigen’s succeeding open banking infrastructure, GoCardless’ account-to-account system will have the largest availability throughout Europe.
Instant Bank Pay and Verified Mandates are two open banking services that GoCardless, a FinTech in direct bank payment solutions, has introduced in Germany.
Hiroki Takeuchi, Co-Founder and CEO of GoCardless, commented, “Over the past few years, it’s been amazing to watch open banking grow from a trend on the horizon to a global phenomenon which has given rise to a market worth over $400 billion. We realised early on that this technology would drive bank payments for decades to come, and over the last 18 months, we’ve accelerated our push into open banking as part of our vision to build the world’s bank payment network. The Nordigen acquisition will take us to the next level. By intelligently combining free, state-of-the-art open banking connectivity with deep payment expertise, we can now offer open banking-as-a-service to any developer, partner or FinTech. We believe this open access will lead to experimentation, and that will create even more compelling use cases. We’re excited to redefine what open banking can do with the talented Nordigen team now on board.”
With the takeover, the Firm will be able to grow up its available open banking connectivity, enabling access to account information services (AIS) on its own. Furthermore, its portfolio of specialized analytics tools contributes to better results in a variety of use cases, from credit evaluations to user interactions.
The release is GoCardless’ most recent step in accelerating its open banking agenda. In the past 18 months, it has introduced Verified Mandates, which combines AIS with a direct debit to avoid fraud, and Instant Bank Pay, a tool that allows open banking in different areas. Through this agreement, GoCardless will be able to attain internal open banking connectivity, which it wishes to develop upon in the coming years by broadening its reach and including additional payment kinds like variable recurring payments.
Rolands Mesters, CEO Of Nordigen, stated, “At Nordigen, our mission is to help businesses around the world adopt and utilise open banking, enabling greater financial transparency and financial inclusion. We share GoCardless’s excitement about the growth of open banking, and we’re delighted to join forces with a group of people who not only share our passion for driving game-changing innovation in financial services but will also help us bring free open banking access to a far wider audience.”