Bottomline Leads the way in Giving Fintechs Direct Access to UK Payments Systems

Following the Bank of England’s announcement to widen access to sterling payment systems for electronic money institutions known as non-bank payment service providers, Bottomline Technologies.

In a bid to drive more competition and innovation, this industry change enables PSPs and non-banks to move from indirect or bank-sponsored access to a simplified, more efficient direct access and settlement model.  There is no longer a need to route payments through the established UK banks – a protracted processing model with additional expense that has become increasingly challenged in the digital age of payment innovation.

The upside of gaining direct access to settlement accounts is threefold. It stimulates more competitive behaviour and pricing between providers, which is healthy for the industry. It delivers an improved service with more payment options for end users to enjoy, resulting in new revenue opportunities. In combination, these changes then help to maintain the UK’s leading role in the global payment industry to attract further investment.

Bottomline is an established player in the performance of settlement accounts at the Bank of England.  The award-winning Universal Aggregator® solution offers a highly secure, plug-in platform to give authorized users an easy way to access a range of payment and settlement systems around the world, without the need for multiple systems and relationships.

Ed Adshead-Grant, General Manager of Payments, comments “We have many years of experience in providing access to Bank of England accounts held by prominent banking institutions, often alongside our Faster Payment solution. It is one of those lesser known yet critical ‘safetech’ components.  We are excited to now widen the direct access option to new Fintech players looking to enter the market and break new ground.”