Bottomline Technologies, a provider of payment, invoice and document automation solutions, has launched its Faster Payments solution that has been used to make the first live, direct submission of a corporate faster payment into the Direct Corporate Access (DCA) service.
Bottomline’s Faster Payments solution provides corporations with direct access to the new near real-time payments system in the UK. Using this solution, businesses can streamline their payments and dramatically reduce bank fees on same-day payments for up to £10,000, representing a fraction of the cost of sending payments by CHAPS, the UK’s real-time gross settlement (RTGS) payment system.
“By integrating Faster Payments onto a single platform with our Bacs and cheque solutions, we are able to offer our customers maximum flexibility and efficiency in their payments solutions,” said Nigel Savory, managing director, Bottomline Technologies Europe. “Being the first solution provider to enable a corporate customer to make a payment into the new DCA service of the Faster Payments system is highly fitting for Bottomline, reflecting our leading position in the UK payments market.”
The launch of Bottomline’s Faster Payments solution coincides with the central DCA hub managed by Vocalink now being fully operational. Initially rolled out by Barclays, DCA allows corporations to send single or bulk payments of less than £10,000 per item directly into the Faster Payments DCA service for payment within two hours.
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