Bottomline Technologies (NASDAQ:EPAY), a leading provider of financial technology that helps make business payments simple, smart and secure, today announced that Revolut has selected the Universal Aggregator solution to deliver real-time payment services to its UK retail and business customers.
With instant payments gaining traction in the UK, financial services organisations and businesses need to offer a 24/7 real-time payment proposition to their customers. However, becoming a direct member of the UK’s Faster Payments Scheme (FPS) can be a challenge for new players looking to bring innovative payment services to market at speed.
Bottomline’s Universal Aggregator presents new financial services organisations with real-time payments connectivity that makes it quicker and easier for them to access FPS directly, without the need for additional scheme approval but with the ability to monitor and limit the volume of transactions. Using advanced technology and an alternative access route means Revolut can develop and scale their real-time payment services quickly and cost-effectively.
“Bottomline’s real-time payment and settlement service provides all the core benefits of the historical access methods to Faster Payments,” comments Mikael Peydayesh, Product Owner for Core Payments at Revolut. “Given the competitive dynamic of a fast-growing scale-up organisation, Bottomline’s expertise and leading technology have helped us accelerate the delivery of a new service and allowed us to centre our attention on growing our business.” Using Revolut’s next-generation digital financial services platform, their customers will soon be able to access and process one-off 24/7 instant payments at the touch of a button.
Nigel Savory, Managing Director of Europe at Bottomline said:
Creating reliable and innovative technology to serve a fast-paced, digital society is at the heart of the payments industry right now. We are delighted to provide Revolut with value-add functionality that speeds up the way their customers can pay and get paid and helps enhance the overall Revolut experience.
Widely recognised as a “tech superstar”, Revolut has had great success as an alternative to physical banks, offering a range of digital financial services targeted at young, tech-savvy users. Revolut’s services are currently available in Europe, with a public beta underway in Australia and plans to launch in the US, Singapore and Japan in the coming months.
About Bottomline Technologies:
Bottomline Technologies (NASDAQ: EPAY) helps make complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioural analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the U.S., Europe, and Asia-Pacific. For more information visit www.bottomline.com.
Revolut was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, as a digital alternative to the big banks. While the fintech initially drew in customers by allowing them to spend and transfer money abroad without rubbish fees, the company has since attracted over 7 million customers in Europe with its spending overviews, budgeting controls, savings features and ability to gain exposure to cryptocurrencies.
To date, Revolut has raised approximately $340 million in funding, from notable venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global.