Bottomline unveils universal aggregator for payments
Bottomline Universal Aggregator has been designed to give banks, corporates, governments and non-financial banking institutions an “easy plug-in” to an array of payment clearing and settlement systems around the world.
The “first-of-its-kind” service provides a single interface into the “most widely used” payment infrastructures such as Bacs, Swift, Bank of England services, Paym, Chaps, CASS, Nacha, Crest, cheques and Faster Payments.
Craig Tillotson, chief executive of the Faster Payments Scheme in the UK, says: “We believe that the introduction of a competitive technical aggregation model is a critically important step in delivering our real time 24×7 service to all end customers in the UK. This direct access to Faster Payments and potentially other payments services in the UK will really benefit new entrants.”
Bottomline adds that the service has been introduced as the UK financial services market undergoes a “wave of change”, with the Payments Services Regulator (PSR) pushing for more competition in the supply of indirect access to payment systems.
The quick and the read
Recently, Bottomline launched a new payments gateway solution, Direct FPS Service.
The company says the service aims to help challenger banks gain access to the UK payments market, as well as enable any organisation wishing to make “quick” payments to their customers or suppliers.