New solution combines flexibility and security in payments and goes beyond UK/EU
Bottomline Technologies (NASDAQ:EPAY), a leading provider of financial technology that helps make complex business payments simple, smart and secure, today announced the ability to deliver a growing range of Open Banking payment and cash management solutions to both corporates and banks.
The company made the announcement at the Eurofinance International Treasury Management Conference being held in Geneva, September 26-28.
Bottomline Technologies’ newest solution combines the flexibility offered by Open Banking APIs with its existing secure connectivity to enable corporates and financial institutions to have real time visibility of balances and transactions on their bank accounts. The solution connects to not only banks in the UK and European Union, but to almost any bank, anywhere in the world. This global coverage is Bottomline’s innovative and differentiated approach, which goes beyond the geographical reach of UK Open Banking and the European PSD2.
“The payments industry is going through a period of unprecedented change”, said Nigel Savory, Managing Director, Global Business Solutions, Bottomline Technologies. “As a trusted fintech partner, Bottomline is well positioned to deliver new cloud-based solutions, which helps our customers to take advantage of the benefits of Open Banking, while insulating them from the complex and ever-changing payments landscape.”
With the Open Banking models that are emerging, and with the customers’ permission, Bottomline’s solution acts as an aggregator. It obtains customer data from banks in the UK and throughout Europe, pulling together balance and transaction information on a single interface. The solution also has the ability to initiate payments from multiple banks.
“Bottomline’s early experience in this exciting journey will be invaluable in both the UK and other parts of the world as Open Banking becomes more widely adopted,” said Marcus Hughes, Head of Strategic Business Development, Bottomline Technologies. “Building on our expertise with banks and corporate customers via SWIFT and other messaging protocols, we are now able to use Open Banking to offer more choice and flexibility to our customers for secure payments and cash management.”