Bottomline commits to becoming a TPP under UK Open Banking initiative
06 October 2017 | 3504 views | 0
Bottomline Technologies, Inc. (NASDAQ: EPAY), a leading provider of financial technology that helps make complex business payments simple, smart and secure, is at the forefront of helping organizations of all sizes take advantage of the new and evolving payment regulations in the UK, Europe, and beyond.
Bottomline announces its commitment to becoming a Third Party Provider (TPP) under the Open Banking initiative, allowing its customers to access information and initiate payments directly with participating banks through secure Application Programming Interfaces (APIs), via its cloud-based payment platform.
Open Banking is an initiative driven by U.K. regulators to improve competition and innovation in the payments industry.
“Open Banking will change the market radically for UK payments,” said Nigel Savory, Managing Director, Global Business Solutions, Bottomline Technologies.
As soon as January 2018, Open Banking will impact the way payments are managed in the U.K. The second Payment Services Directive (PSD2) legislation will follow with a similar intent of improving competition and innovation in European payments. Open Banking and PSD2 will require banks to provide open system access allowing businesses of all sizes to better manage their accounts and payments through secure APIs.
“Whist many established corporates have access to incumbent payment services, the ongoing economic shift to subscription models brings with it challenges that some businesses face,” said Savory.
“The current model of gaining the necessary bank sponsorship or relying on services such as recurring card collections can carry significant fees for businesses and consumers,” said Savory.
Open Banking allows any business equal access to account data and payments in new ways that will be a catalyst for innovation. Bottomline will use the newly developed Open Banking APIs and solutions in payments to ensure businesses of all sizes can pay and get paid, simply and securely. Bottomline’s focus on Open Banking will also help businesses beyond the U.K.
“The important regulatory changes in European payments are likely to entail similar standards and business models to those being pioneered in the UK,” said Jon Rushton, Commercial Product Director, Global Business Solutions, Bottomline Technologies.
“Bottomline will be here to support businesses and provide solutions as those challenges arise as well,” said Rushton.