Bottomline Readies For SEPA Instant Credit Transfer

Bottomline Technologies is continuing its push for faster payments. The FinTech said Wednesday (Feb. 8) that it has been selected by EBA Clearing to be one of the first payment service providers to support the pan-EU EBA SEPA Instant Credit Transfer Scheme.

As a selected Front Runner Provider, Bottomline explained, its banking clients across Europe will be among the first to have access to the instant credit transfer technology that they can then offer to their corporate and consumer clients. Bottomline will provide its banking clients with access to real-time credit transfer capabilities via its Universal Aggregator service, which supports multiple payment types for various payment service providers, including the Faster Payments Service, the company said.

“Our customers will benefit enormously from the Aggregator’s Front Runner status,” said Bototmline General Manager of Payments Ed Adshead-Grant in a statement. “They will soon be able to add real-time credit transfers to our highly cost-effective, ‘plug-and-play’ way of accessing global clearing and settlement systems that can be managed as a single service.”

EBA Clearing is currently testing its real-time payment service with plans to fully launch the tool later this year.

“We now look forward to engaging the growing community of early movers and their trusted service providers in the pilot user tests that will follow our acceptance testing with SIA,” said EBA Clearing CEO Hays Littlejohn in a statement last month. “The system will be open to any AS-PSP adhering to the EPC [European Payments Council] scheme. We will offer different options to interact with the system in order to ensure that any type of user from anywhere in Europe can access the platform.”

Bottomline’s ability to connect its banking clients to the Instant Credit Transfer Scheme comes just days after the company announced another initiative aimed at supporting faster payments.

Earlier this week, Bottomline announced a partnership with NCR, a deal that sees Bottomline integrating NCR’s Authentic payment processing solution. Their collaboration enables Bottomline banking clients to link into the U.K.’s Faster Payments Service network.