Security vs. convenience in payments: Insights into SCA from Merchant Risk Council London

Merchant Risk Council events are some of the best places to discuss the challenges and opportunities facing the payments sector, from open banking and borderless payments to blockchain and virtual marketplaces.

The same issue at the top of every agenda

One topic that dominated this month's Merchant Risk Council London was Strong Customer Authentication (SCA), part of the PSD2 regulations. SCA is the new regulation for authenticating online payments, and will be rolled out across the European Economic Area (EEA) on the 14 September.

SCA has been put in place to increase security for payers and reduce payer fraud as well.

SCA consists of a 2-factor authentication that will apply to all electronic (online) payments.

  • Knowledge: Something only the user knows, such as a password
  • Possession: Something only the user possesses, such as a token or a mobile phone
  • Inherence: Something the user is, such as a biometric (eg. Fingerprint, Face ID)

We talked about SCA with players from across the payments landscape, both at the event itself and at a roundtable dinner we hosted on the topic.

This article looks at three key topics that emerged from those discussions.

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GoCardless and Zuora go live in Sweden and Denmark

Last month we announced our new scheme launch with Zuora in Australia, and this month we’ve turned our attention to the Nordics. We’re excited to announce that Zuora customers in Sweden and Denmark can now take recurring payments with GoCardless via Autogiro and Betalingsservice!

GoCardless has been processing payments in the Nordics since 2015, and with the addition of Autogiro and Betalingsservice to our Zuora partnership, we’re uniquely positioned to support the growth of the Nordic subscription economy and solve the common issues that enterprise businesses face through collecting recurring payments.

John Phillips, Managing Director, EMEA, Zuora, said: “Our mission is to enable all companies to be successful in the subscription economy. Collaborating with GoCardless means we can offer our customers, and their customers, more flexibility and scalability when it comes to subscribing to new goods and services."

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GoCardless and Zuora go live in Australia with seamless recurring payments

Today we’re pleased to announce that Zuora is partnering with GoCardless to help Zuora customers take recurring payments in Australia!

GoCardless has been processing payments in Australia since 2018, and with the addition of the BECS scheme to the Zuora partnership, they’re uniquely positioned to support the growth of the Australian subscription economy and solve the common issues that enterprise businesses face through collecting recurring payments.

According to Iman Ghodosi, Zuora's GM Asia Pacific Region:

“Collaborating with GoCardless means we can offer our customers, and their customers, more flexibility and scalability when it comes to subscribing to new goods and services. By providing more payment options than ever before, companies are able to tailor their offerings to attract a wider range of subscribers, on more attractive and profitable terms.”

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Announcing our $75m funding round to open up access to our global bank debit network

We’re incredibly excited to announce a new investment round of $75 million, led by new investors Adams Street Partners, GV (formerly Google Ventures) and Salesforce Ventures, as well as existing investors: Accel, Balderton Capital, Notion Capital and Passion Capital.

This Series E investment takes the total amount we’ve raised to $123 million and enables us to take the next steps on our mission to take the pain out of getting paid, so businesses can focus on what they do best.

A broken payments landscape

Over the last 10 years, we’ve seen the rise of the subscription economy and the boom of the business services sector.

We’ve seen more and more businesses develop long term relationships with customers, through subscription and instalment plans and through professional services agreements and retainers.

We estimate that around 18% of global payments are now recurring.

But while business models have moved on: payments haven’t.

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The rise of bank to bank payments
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in Announcements, Business

Growing our payments network: launching Canada

As 2018 draws to an end, we’re excited to announce that GoCardless users can now take Pre-Authorised Debit payments in Canada, bringing the total number of countries in our growing global payments network to 30.

This means that our customers can increasingly use GoCardless to take recurring payments from their end users wherever they happen to be around the world. Great news for organisations with global footprints!

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Direct Debit in Canada
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GoCardless & Xero: A beautiful business love story

Finding a great match isn’t easy. You have to have a good connection. It helps if your values align. You should bring out the best in each other. You need to see a future together. And ultimately, when you know, you know.

When GoCardless launched its first integration with small business cloud accounting platform Xero a few years ago, we knew it was the start of something big. We spent time making a great connection (with a seamless user experience) and we shared the same belief in beautiful business, in streamlining admin and giving small businesses more time back to focus on growth.

And when you put us together, we made more: our users were paid on time, while avoiding manual reconciliation and reducing accounting errors. They could manage payments and billing in once place, saving hours of time on admin.

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GoCardless for Xero – Australia
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Growing our payments network: next stop, Denmark

Last month we announced our launch in Australia, this month we’ve turned our attention to Scandinavia and are excited to announce that we can now take payments via Danish Direct Debit.

It’s another step towards our mission of creating a global bank to bank payments network and takes the the number of Direct Debit schemes that we offer to 5 (covering 23 countries), with lots more in the pipeline.

The Denmark launch means our customers in Europe or Australia can now take Krone-denominated payments from Danish customers.

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GoCardless and Danish Direct Debit
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GoCardless goes down under - collect payments in Australia

We’re really excited to announce that you can now collect payments from Australia with GoCardless. The launch means our customers can now take payments from 24 countries and it brings us one step closer to delivering a global bank to bank payments network.

We have heard from many of you that Australia is an important existing or new market for your business, so we’re really looking forward to supporting you and your customers.

We think Direct Debit is the perfect solution for collecting payments, and it seems that customers in Australia agree; almost 36% of non-cash transactions were made through Direct Debit* in 2017, with trends indicating that this number will grow in 2018.

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