Bottomline secures ‘front runner’ status for EBA instant payment scheme

Bottomline Technologies, a leading provider of technology solutions to help businesses pay and get paid, has been named as a Front Runner Provider by EBA Clearing for the pan-European EBA SEPA Instant Credit Transfer Scheme. The new Instant Credit Transfer Scheme will enable businesses and consumers to make real-time credit transfers between accounts in European countries. As a Front Runner Provider, Bottomline’s European banking clients will be amongst the first in line to benefit from the scheme when it goes live in November 2017.

The payment gateway to the scheme will be incorporated into Bottomline Technology’s Universal Aggregator service, the only one of its kind to support the most common types of payments for multiple payment service providers, including the Faster Payment Service. It offers banks, corporates, governments, and non-financial banking institutions an easy way to access a range of payment clearing and settlement systems around the world, without the need for individual systems and relationships.

The Bottomline Universal Aggregator™ was recently awarded “Best Instant Payment Service Initiative” by Banking Technology.

As Bottomline’s aggregator service is scalable, full access to the Instant Credit scheme will be available to organizations of all sizes, from small and challenger banks, to large global banking institutions.

Ed Adshead-Grant, General Manager, Payments at Bottomline said, “Our customers will benefit enormously from the Aggregator’s Front Runner status. They will soon be able to add real-time credit transfers to our highly cost effective, ‘plug-and-play’ way of accessing global clearing and settlement systems that can be managed as a single service.”
Source: finextra.com