Customers get an easier, cost effective way to process 24x7 real-time payments
LONDON, June 17, 2019 (GLOBE NEWSWIRE) -- Bottomline Technologies (EPAY), a leading provider of financial technology that helps make complex business payments simple, smart and secure, today announced its partnership with Starling Bank, the leading digital banking platform, and the launch of Bottomline’s Real Time Payments Express Service. This new 24x7 service will allow banks and corporates to send, receive and track payments in real-time to any UK bank account.
For many corporates and banks, becoming a direct member of the Faster Payments Scheme can be challenging. The implementation costs, payment expertise and restrictive timelines can extend projects into many months and leaves the ongoing compliance burden inside the organisation. To solve this, Bottomline’s Real Time Payments Express offering, powered by Starling’s Banking Services, will supply an API driven real-time payment and settlement service, which provides all the core benefits of the historical access methods to Faster Payments.
“Real-time payments are becoming the new norm around the world. In the UK, where the Faster Payments Scheme has enjoyed over a decade of growth, we have the technology needed to allow more participants to gain the benefit of full access to 24x7 instant payments,” said Julian Sawyer, Head of Banking Services at Starling Bank. “Our new solution partnered with Bottomline delivers exactly this.”
Bottomline is driving payment innovation in the market, helping businesses to develop and scale new real-time services quickly and cost effectively, without the need for long development cycles and complex legal agreements. The Real Time Payments Express Service is available 24x7, is SAAS-based and equipped with full tracking to allow customers to see exactly where their payments have been made and received in the network.
“There is real transformation coming into the U.K. through the New Payments Architecture, Open Banking and PSD2 which gives rise for innovative partnership approaches like our Real Time Payments Express,” said Nigel Savory, Managing Director, Europe, Bottomline Technologies. “We insulate our clients from the ambiguity ahead by plugging them into Bottomline, where we remove the complexity and future-proof the changes ahead for them.”
Bottomline already supports CHAPS, SWIFT, Bacs, Visa B2B Connect, Direct Access Faster Payments, Paym, CASS and various other payment rails through their Universal Aggregator®, which will now offer the new Real Time Payments Express Service.
Starling was the first challenger bank to be a direct member of the Faster Payments Service and the only banking provider of real-time access to Faster Payments through APIs in the transaction banking world. Starling’s pioneering Banking Services offering enables businesses – including Payment Service Providers, retailers, corporations and fintechs – to develop and scale new products and to move money in seconds.
About Starling Bank:
Starling Bank is a digital challenger bank based in the UK, operating Current Accounts, Business Accounts, a Marketplace and Banking Services for banks, e-money institutions, government and corporates, as well as a revolutionary concept of Banking-as-a-Service. Headquartered in London, Starling is a fully licensed and regulated bank, founded by former Allied Irish Banks COO, Anne Boden, in January 2014.
Starling Banking Services unites its banking licence, technology and industry-leading APIs with payments expertise and infrastructure. Starling’s Payment Services give clients real-time access into Faster Payments and Bacs; Payment Accounts deliver a unique virtual account structure; and Banking-as-a-Service enables clients to connect their customer-facing technology with Starling’s backend, to create a complete, seamless product for their customers.
Clients of Banking Services include the Department for Work and Pensions, the savings and investment marketplace Raisin UK, Form3 and B2B payments providers Currency Cloud, Pockit, PelicanPay and Vitesse.
About Bottomline Technologies:
Bottomline Technologies (EPAY) helps make complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioral analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the U.S., Europe, and Asia-Pacific. For more information visit www.bottomline.com.