Bottomline Technologies announced its commitment to becoming a third party provider (TPP) under the open banking initiative. This will allow customers to access information and initiate payments directly with participating banks via an API, through its cloud-based payment platform.
Open banking is an initiative driven by UK regulators to improve competition and innovation in the payments industry.
In January 2018, open banking will impact the way payments are managed in the UK. The second Payment Services Directive (PSD2) legislation will follow with a similar intent of improving competition and innovation in European payments. Open banking and PSD2 will require banks to provide open system access allowing businesses of all sizes to better manage their accounts and payments through secure API’s (application programming interfaces).
Open banking and PSD2 will require banks to provide open system access allowing businesses of all sizes to better manage their accounts and payments through secure API’s (application programming interfaces).
“Open banking will change the market radically for UK payments,” said Nigel Savory, managing director, global business solutions, Bottomline Technologies.
Whilst many established corporates have access to incumbent payment services, the move to a subscription society will negate the challenge that some businesses face trying to gain the necessary bank sponsorship or relying on services such as recurring card collections. Both of which can carry significant fees for businesses and consumers.
“Open banking allows any business equal access to account data, and payments in new ways that will be a catalyst for innovation. By becoming a TPP, Bottomline will continue to lead the market in helping businesses of any scale take advantage of industry change,” comments Savory.
Jon Rushton, global business solutions commercial product director, Bottomline Technologies, said: “Bottomline will use the newly developed open banking APIs and solutions in payments to ensure businesses of all sizes can pay and get paid, simply and securely. Bottomline’s focus on open banking will also help businesses beyond the UK. The important regulatory changes in European payments are likely to entail similar standards and business models to those being pioneered in the UK.”
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