Bottomline Technologies is introducing a set of APIs for its corporate customers in accordance with the U.K.’s new Open Banking policy and Europe’s Payment Services Directive (PSD2).
Portsmouth, N.H.-based Bottomline will become a Third Party Provider under the Open Banking initiative, enabling customers to access information and initiate payments directly with participating banks through APIs via its cloud-based payment platform, the company said in a Friday press release.
Under Open Banking, which takes effect in the U.K. starting January 2018, banks are required to provide customers with open system access, and Bottomline sees both initiatives as a catalyst for innovation, according to the release.
“Open Banking will change the market radically for U.K. payments,” said Nigel Savory, Bottomline’s managing director, global business solutions, in the release.
Open-access requirements for Europe’s PSD2, which will go into effect later, parallel those of Open Banking and also will benefit from an API approach, Bottomline said.
“The important regulatory changes in European payments are likely to entail similar standards and business models to those being pioneered in the U.K.,” said Jon Rushton, Bottomline’s commercial product director of global business solutions, in the release.