Bank payment company GoCardless has extended its partnership with Billingbooth to incorporate Open Banking and payment optimization solutions specifically for telecommunications companies (telcos).

GoCardless and Billingbooth’s Solution for Telcos

The integration will see GoCardless’ suite of bank payment solutions, including Instant Bank Pay and Success+, being embedded within the Billingbooth platform. This partnership aims to offer an end-to-end billing and payment solution, supporting telcos in enhancing their processes for both recurring and one-off payments.

For telcos dealing with numerous small transactions, effective credit control presents a significant challenge. By integrating GoCardless’ Instant Bank Pay into Billingbooth’s platform, this initiative seeks to streamline the process of collecting outstanding payments directly from customers’ bank accounts. This automated and secure method reduces the reliance on manual steps and long waiting times, thereby decreasing administrative costs and minimizing late payments.

Success+, an AI-driven tool within GoCardless, is designed to automatically recover approximately two-thirds of failed payments through intelligent retry strategies based on machine learning. This technology identifies optimal payment retrieval times, thus optimizing cash flow and reducing the necessity for manual debt collection efforts.

Billingbooth representatives noted that successful collaboration with GoCardless provides a cohesive solution to the common issue of debt recovery, enhancing the service offered to their joint clients through an integrated platform.