GoCardless connects to Bacs via Form3’s A2A platform
GoCardless has selected Form3’s account-to-account (A2A) platform to connect to the Bacs payment system as it looks to further scale its UK operations.
GoCardless taps Form3 for Bacs payment connectivity
Operated by Pay.UK since 2018, Bacs facilitates bank-to-bank transfers and is one of the most popular systems for direct debit and direct credit payments in the UK, processing 250 million payments annually.
GoCardless, which claims it currently processes over 4% of the UK’s direct debit volume, says that leveraging Form3’s solution, featuring bank-grade payment submission channels, will provide it with “improved operational and technical resilience to ensure that service continuity is maintained as its UK business grows”.
The fintech’s ambition to expand its UK operations follows its acquisition of Sentenial, which operates under the Nuapay brand, last March.
GoCardless later went on to reveal earlier this month a 38% year-on-year increase in fiscal year 2024 revenues to £126.8 million, while more than halving its net losses over the same period from £78 million to £35.1 million.
These results “point to a clear path to profitability”, according to co-founder and CEO Hiroki Takeuchi, who added at the time that the company was “well on our way to becoming a full-service bank payment provider”.
Looking ahead, Form3’s platform will also enable GoCardless, headquartered in London, to connect to further payment schemes across UK and Europe in the future.
