Bottomline boosts the way businesses collect cash with Pay Direct

Rhea-AI Summary

Bottomline (NASDAQ: EPAY) has launched Pay Direct, an Open Banking payment initiation service designed to simplify online payments for businesses and customers. This service allows companies to receive payments directly from customers' bank accounts via Faster Payments, offering a cost-effective alternative to traditional methods. By connecting with most UK banks, Pay Direct promises faster settlements and improved cash management for businesses. The launch aligns with Open Banking's goal of enhancing competition and innovation in financial services.

Positive

• Launch of Pay Direct enhances payment options for businesses.
• Direct bank account payments reduce card fees and improve reconciliation.
• Integration with most UK banks maximizes payer coverage.
• Pay Direct aligns with Open Banking's goals of competition and innovation.

Negative

• None.

LONDON, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Bottomline (NASDAQ:EPAY), a leading provider of financial technology that makes business payments simple, smart and secure, today announced the launch of Pay Direct. This new Open Banking payment initiation service gives companies a more efficient and cost-effective way to receive online payment from customers.

With the introduction of Open Banking, innovative financial applications are coming to market, and Bottomline’s Pay Direct is one of them. As an alternative to the raft of payment methods available for making an online purchase, Pay Direct gives merchants and customers a new, convenient and pennywise way to pay and get paid.

As an Open Banking payment initiation service, Pay Direct enables online businesses to receive funds directly from the payer’s bank account via Faster Payments. Using Pay Direct, the payer initiates the payment from their trusted bank application whilst remaining in the business’s online journey, ensuring a consistent brand and user experience. This way of processing an online payment offers an attractive alternative for merchants looking to reduce card fees, benefit from quicker settlement and improve reconciliation.

Bottomline’s Pay Direct increases the options companies have to efficiently manage their cash collections – adding Open Banking transfers to Direct Debits and card processing. To ensure maximum coverage of the payer population, Bottomline has already connected to the majority of banks across the UK.

“We’re delivering the promise of Open Banking and its winning propositions for both the merchants trading online and their customers,” comments Nigel Savory, Managing Director of Europe at Bottomline.  “Pay Direct adds faster and cheaper settlement options for businesses and creates streamlined customer experiences for those making direct digital payments between their banks and the businesses they buy from.”

Aimed at introducing competition and innovation to financial services, Open Banking enables regulated third parties, such as Bottomline, to build financial applications and services that give consumers better control of who can access their financial information and how they choose to process their funds.   

“This is a great example of Open Banking giving merchants the ability to receive instant payments from their customers,” said David Beardmore, Ecosystem Development Director, Open Banking Implementation Entity (OBIE). “It is encouraging to see that despite these challenging times, we have companies like Bottomline in our thriving ecosystem who are leveraging Open Banking technology to deliver greater value and improved choice.”

Payment Initiation Services are provided by Bottomline Payment Services, an FCA registered entity under 616279.

About Bottomline:
Bottomline (NASDAQ: 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.

Media Contact:
Jacqueline Powell
Head of Communications
Bottomline Technologies
pr@bottomline.com

FAQ

What is Pay Direct by Bottomline?

Pay Direct is an Open Banking payment initiation service that allows businesses to receive payments directly from customers' bank accounts, offering a cost-effective alternative to traditional payment methods.

How does Pay Direct benefit businesses?

Pay Direct provides benefits such as reduced card fees, faster settlements, and improved cash management for businesses.

Which banks are connected with Bottomline's Pay Direct?

Bottomline has already connected with the majority of banks across the UK to ensure maximum coverage for the payer population.

When was Pay Direct launched?

Pay Direct was launched on August 3, 2020.

What does Open Banking mean for service providers like Bottomline?

Open Banking allows regulated third parties like Bottomline to create financial applications that give consumers better control over their financial information and payment processes.