Bottomline adds faster payments to digital banking
Citing banks' growing focus on end-to-end payment processes, Bottomline Technologies says it is adding the Real-Time Payments network from The Clearing House to its digital banking platform.
Bottomline has focused on streamlining B2B payments and says that adding a faster payments module to the Digital Banking IQ suite will help the banks' business customers send, receive or request payments in real time.
"This new product, with a focus on 'conversational messaging,' empowers banks to deepen customer engagement by offering the speed and certainty of faster payments, combined with richer transaction information through their digital banking application," Norm DeLuca, managing director for banking solutions at Bottomline Technologies, said in a Monday press release.
Bottomline's faster payment module will send and receive real-time credit transfers through the RTP network, a move it says will accelerate the completion of a payment while also reducing manual or paper-based processes.
"Many businesses are expressing frustration at the lack of messaging and clarity from their bank in enabling real-time payment capabilities," Erika Baumann, an Aite Group analyst, said in the release. "Banks that are not taking the steps to offer real-time payments to their business clients are at risk of losing valuable revenue, specifically to competitor banks that are able to clearly articulate the value of real-time payments as part of an effective and efficient payments strategy."
Bottomline Technologies, of Portsmouth, N.H., provides technology for domestic and international payments, cash management, automated workflows for payment processing and bill review, as well as fraud protection, behavioral analytics and regulatory compliance solutions.