Bottomline, experts in developing innovative financial technology, are riding high following the launch of their revolutionary app Pay Direct.
It’s been six months since Bottomline unveiled their ground-breaking app Pay Direct to make complex business payments simple, smart, and secure. At the launch in August 2020, the company’s Managing Director of Europe, Nigel Savory, proudly announced: “Pay Direct adds faster and cheaper settlement options for businesses. It also creates streamlined customer experiences for those making direct digital payments between their banks and the businesses they buy from.”
Bottomline, who say the purpose of their existence is to transform the way companies and financial institutions around the world execute business payments, appears to have stolen a march on their biggest rivals. As the race to take advantage of this new opportunity called Open Banking* hots up, Bottomline was quick off the mark with their innovative creation Pay Direct.
Tapping into the wealth of digital expertise available to them, Bottomline developed this alternative, more efficient and cost-effective payment method for online purchases. The software enables online businesses to receive funds directly from the payer’s bank account, providing an attractive alternative for those looking to reduce card fees while also benefiting from a quicker settlement.
Open Banking allows regulated third parties, such as Bottomline, to build financial applications and services for their clients and customers. Most importantly, the introduction of Pay Direct means consumers can now control who accesses their financial information and how they process their funds.
David Beardmore, an Ecosystem Development Director with Open Banking Implementation Entity (OBIE), remarked: “It is encouraging to see we have companies like Bottomline in our thriving ecosystem. These are companies who are leveraging Open Banking technology to deliver greater value and improved choice.”
* What is Open Banking: It is a secure platform that allows consumers to share financial information or authorise payment directly from their bank account. Open Banking is growing globally, especially in countries where digital and mobile payments are becoming ever more popular.
About Bottomline: With headquarters in New Hampshire, they have offices across North America, Europe and Asia-Pacific. Among the thousands of companies that utilise their services are multi-national corporations and banks. Thanks to their app Pay Direct, it is now easier and quicker for payments to be made. With more than 600,000 companies benefitting from Bottomline‘s state-of-the-art technology, customers benefit from solutions that offer automated cash management, payment workflows and fraud detection. Bottomline has 25 offices around the world, employing over 2,000 people. More than 1,200 banks and financial institutions make use of their ever-evolving digital technology.