Bottomline Technologies and Global Processing Services have partnered to bring consumers 'banking lite' card services.
Bottomline, the payments, invoice and digital banking solutions provider, and GPS, a payment processor and card services provider, have developed new payment rails that would allow U.K. customers to make same-day payments and direct debit collections from card accounts.
The company's framed the offering in a June 27 news release as one that gives more flexibility to consumers who want to execute different banking transactions from one platform without having to involve third parties.
“Today’s consumers expect greater flexibility in moving funds into and out of their accounts” Nigel Savory, managing director of Bottomline’s global business solutions arm. “Payment providers which can offer banking lite services are well placed to take advantage of the growing card market.”
It also highlighted the need for these services among the “unbanked” and “underbanked” populations, which often resort to non-traditional card accounts that historically have limited the ways they can send and receive funds; transacting in cash is the only option for many. The U.K. transacts an estimated $31 billion each year through non-traditional cards.
Bottomline recently collaborated with Baym and Barclays' Pingit to boost electronic business payments