Revolut Selects Bottomline to Meet Customer Demand for Real-Time Payments
October 08 2019 - 4:00AM
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.
“Creating reliable and innovative technology to serve a
fast-paced, digital society is at the heart of the payments
industry right now,” said Nigel Savory, Managing Director of Europe
at Bottomline. “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.
ABOUT REVOLUTRevolut 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.
www.revolut.com
Media Contact:Gemma Waite / Jacqueline
PowellBottomline Technologies pr@bottomline.com
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