NCR, Bottomline partner for Faster Payments network
NCR announced that Bottomline Technologies has integrated Authentic, NCR’s intelligent transaction processing platform into its Direct Faster Payment Service (FPS) solution.
The technology enables UK-based financial institutions to connect securely to the Faster Payments network.
Prior to June 2016, any UK-based financial institution requiring access to the Faster Payments network was unable to make the link directly and was dependent on larger sponsor banks to provide indirect access.
In June, Bottomline Technologies’ highly regarded Universal Aggregator service became one of only five fintechs awarded the ‘trust mark’ certificate, required to provide direct technical access to Faster Payments. This new service enhances choice and competitiveness for smaller financial institutions, who had been previously disadvantaged due to the fee structures and other barriers.
Bottomline Technologies decided to build its FPS using its own payment technology linked to Authentic to implement a real-time, future-proof solution that will be scalable as demand grows, complementing the company’s growing range of services for SWIFT, Bacs, CHAPS, ebics, Paym, CASS, cheques, Bank of England settlement services and more.
“We wanted a global solution that could provide seamless connectivity to the Faster Payments network,” said Ed Adshead-Grant, General Manager, Payments and Cash Management at Bottomline Technologies. “The team at NCR showed real partnership in supporting our new designs, and with two UK banks already in delivery we know we have a winning combination to service the growing market of Faster Payments.”
Able to process 10,000 transactions per second from a full range of payment sources, such as mobile and internet banking or ATM and POS devices, Authentic enables customers to retain total control over their payments environment.
“It has been a pleasure working in concert with Bottomline to help build a system that quite simply delivers a better experience for smaller financial institutions,” said Andy Brown, marketing director, payments at NCR. “Flexibility and responsiveness, two key attributes found in Authentic, are crucial to delivering solutions made for today’s real-time payments world.”
Source: Company Press Release