Bottomline Technologies (NASDAQ:EPAY), a global provider of payment, invoice, and digital banking solutions, and Global Processing Services (GPS), a leading payment processor and card services provider, today announced that they have partnered to deliver banking lite services to the UK card market.
With the integration of Bottomline Technologies’ award winning solution, GPS’s platform includes a new set of payment rails, giving customers the ability to make same-day Faster Payments and have Direct Debits collected from card accounts.
The partnership has the potential to improve millions of lives in the UK, as it expands the ability of consumer-facing Fintech companies to offer payment services to those who need it most. Over two million residents of the UK are either unbanked or underbanked, meaning that they have limited access to traditional banking services, needed for managing money and paying bills. These people have come to rely on card accounts as a substitute.
In addition, many consumers are using cards alongside traditional bank services because of rebates and discounts which they offer. In the UK alone, an estimated $31bn is transacted through non-traditional cards each year.
However, card accounts have been historically limited by how funds are transferred to and from them. The only way to conduct many transactions and pay many bills has been by cash. Now, Fintech partners Bottomline Technologies and GPS have helped make that a thing of the past.
GPS Managing Director, EMEA and advisory board member of the Emerging Payments Association, Suresh Vaghjiani said, “Our processing platform has always been known for its flexibility, and the inclusion of Bottomline’s technology increases that even further. Now our customers are able to provide their end users with a compelling solution, from a single platform and without the need to integrate with third parties.” comments Vaghjiani.
“Today’s consumers expect greater flexibility in moving funds into and out of their accounts” said Nigel Savory, Managing Director, Bottomline Technologies Global Business Solutions. “Payment providers which can offer banking lite services are well placed to take advantage of the growing card market.”