NCR Corporation, a global leader in omnichannel solutions, announced that Bottomline Technologies has integrated Authentic, NCR’s intelligent transaction processing platform, into its Direct Faster Payment Service (FPS) solution. This new technology will allow U.K.-based financial institutions to connect securely to the Faster Payments network.
According to Finextra, U.K.-based financial institutions have always had to gain access to the Faster Payments network through larger sponsor banks that provided indirect links to the service. But in June 2016, after Bottomline Technologies’ Universal Aggregator service became one of only five FinTechs awarded the “trust mark” certificate, it was granted direct technical access to Faster Payments.
Bottomline Technologies assists its customers with domestic and international payments, effective cash management tools, automated workflows for payment processing and bill review, as well as fraud detection, behavioral analytics and regulatory compliance.
The company built its FPS using its own payment technology linked to Authentic to implement a real-time, future-proof solution that will be scalable as demand grows, complementing the company’s growing range of services for SWIFT, Bacs, CHAPS, Paym, CASS, checks, Bank of England settlement services and more. It is able to process 10,000 transactions per second from a full range of payment sources, such as mobile and internet banking or ATM and POS devices.
“We wanted a global solution that could provide seamless connectivity to the Faster Payments network,” Ed Adshead-Grant, general manager of payments and cash management at Bottomline Technologies, said in a statement. “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.”