Bottomline launches business open banking payment platform

Bottomline, a provider of financial technology that makes business payments simple, smart and secure, has announced the launch of Pay Direct. This new Open Banking payment initiation service gives companies a more efficient and cost-effective way to receive online payment from customers.

Bottimline says that new product is an alternative to the raft of payment methods available for making an online purchase, Pay Direct gives merchants and customers a new, convenient and pennywise way to pay and get paid.

As an Open Banking payment initiation service, Pay Direct enables online businesses to receive funds directly from the payer’s bank account via Faster Payments. Using Pay Direct, the payer initiates the payment from their trusted bank application whilst remaining in the business’s online journey, ensuring a consistent brand and user experience. This way of processing an online payment offers an attractive alternative for merchants looking to reduce card fees, benefit from quicker settlement and improve reconciliation.

Nigel Savory, Managing Director of Europe at Bottomline said “We’re delivering the promise of Open Banking and its winning propositions for both the merchants trading online and their customers.” 

“Pay Direct adds faster and cheaper settlement options for businesses and creates streamlined customer experiences for those making direct digital payments between their banks and the businesses they buy from.”

David Beardmore, Ecosystem Development Director, Open Banking Implementation Entity (OBIE) said “This is a great example of Open Banking giving merchants the ability to receive instant payments from their customers.”

“It is encouraging to see that despite these challenging times, we have companies like Bottomline in our thriving ecosystem who are leveraging Open Banking technology to deliver greater value and improved choice.”