News

NCR, Bottomline collaborate on Faster Payments platform for smaller UK banks

February 7, 2017

Bottomline Technologies, a provider of payment processing solutions, has integrated Authentic into its Direct Faster Payment Service solution.

Authentic is an intelligent transaction processing platform from NCR.

The technology allows U.K.-based financial institutions to connect securely to the Faster Payments network, according to a NCR press release.

Prior to June 2016, smaller U.K.-based FIs were unable to link directly to the Faster Payments network and had to depend on larger sponsor banks to provide indirect access.

In June, Bottomline became one of only five fintechs to earn the "trust mark" certificate required to provide direct technical access to Faster Payments. The new service increases choice and competitiveness for smaller financial institutions, according to the release,

Bottomline Technologies built its FPS solution using its own payment technology linked to Authentic. The result is a real-time, scalable solution that complements the company's solutions for SWIFT, Bacs, CHAPS, ebics, Paym, CASS, checks, Bank of England settlement services and more.

The FPS solution can process 10,000 transactions per second from a full range of payment sources, while allowing customers to retain total control over their payments environment.

"We wanted a global solution that could provide seamless connectivity to the Faster Payments network," said Ed Adshead-Grant, Bottomline general manager of payments and cash management. "The team at NCR showed real partnership in supporting our new designs, and with two U.K. banks already in delivery we know we have a winning combination to service the growing market of Faster Payments."