Clay selects GoCardless to streamline loan disbursements and repayments at scale

Clay, an AI-driven credit and debit-as-a-service company, has selected bank payment company GoCardless to simplify its payments. 

Clay now uses GoCardless to unify its entire payment process onto a single, scalable platform, leveraging GoCardless’ Direct Debit capability to collect repayments and Outbound Payments, the fintech’s newly launched disbursement product, to pay out loans. By using one provider to collect and send payments, Clay has streamlined its operations and reduced manual work. 

These efficiencies extend to the customer experience as well. Borrowers now receive their funds faster – in as little as three to five seconds – and the automation minimises the opportunity for human error. Ultimately, this simplified system gives the Clay team more time to focus on strategic growth and building a better business. 

Clay has also started to implement GoCardless’s open banking feature, Instant Bank Pay, to collect one-off payments, with the possibility to support Variable Recurring Payments (VRPs) in the future. 

Andrés Castaño, Founder and CTO at Clay said: “Having one unified platform for both collections and payouts has been a game-changer for our business. GoCardless’s reliable solutions free us from worrying about our payments, allowing our team to be more efficient, reduce manual errors, and ultimately focus our energy on innovation and building a better business for our customers.”

Pat Phelan, Chief Revenue Officer at GoCardless said: “We’re proud to power Clay’s innovative platform. By using our single platform to collect and send payments, Clay has been able to create a lean, hyper-efficient payment strategy that moves at the speed of their business. They’re a perfect example of a company using the agility of an API-first approach to create a better, faster experience for their customers. We’re excited to work with them on this use case and with open banking in the future.”