Software provider TFP’s International Bank Account Number (IBAN) and Global Payment Files have been added to Bottomline Technologies’ banking solution. This addition provides the ability to automate the processing of cross-border euro-denominated payments allowing Bottomline customers to make European financial payments through WebSeries SWIFT messaging, according to the company. ‘To comply with new payment initiatives for more efficient and lower cost cross-border European settlement, banks now require payment instructions to contain additional and more structured financial information,’ said Marcus Hughes, Head of Banking for Bottomline Europe. ‘Combining the payment preparation and validation capability from the Bottomline solution with the reference data provided by TFP, corporations and financial institutions can now clear payments on an STP basis across 25 European countries,’ Hughes explained.
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