In a new partnership, Bottomline Technologies is teaming up with Starling Bank on a Real Time Payments Express Service. The offering will enable corporates and banks to send and receive as well as monitor payments to any U.K. bank account in real time, Crowdfund Insider reported.
Starling Bank Head of Banking Services Julian Sawyer said per reports, “Real-time payments are becoming the new norm around the world. In the U.K., where the Faster Payments Scheme has enjoyed over a decade of growth, we have the technology needed to allow more participants to gain the benefit of full access to 24×7 instant payments. Our new solution partnered with Bottomline delivers exactly this.”
Bottomline supports, as of now, Visa B2B Connect, Direct Access Faster Payments, Paym, CASS, CHAPS, SWIFT and other rails for payments via a Universal Aggregator. And Bottomline Technologies Managing Director of Europe Nigel Savory noted in the report, “There is real transformation coming into the U.K. through the New Payments Architecture, Open Banking and PSD2 which gives rise for innovative partnership approaches like our Real Time Payments Express.”
News of the partnership comes as Bottomline posted a 12 percent year-over-year gain in subscription and transaction revenue for its fiscal third quarter 2019 that concluded March 31. Those revenues hit $75.5 million per Bottomline’s latest financial release. Overall revenue reached $106.4 million which marked a 5 percent rise compared to the same period last year.
The payment services provider also noted that “core net income for the third quarter was $13.7 million compared to $11.9 million for the third quarter of last year,” a 15 percent year-over-year increase. Bottomline Technologies President and CEO Rob Eberle said at the time, “We enter the fourth quarter and fiscal 2020 confident in our strategic plan and our ability to execute against that plan.” Eberle continued, “Our focus on market leadership and subscription and transaction revenue growth positions us to drive sustained shareholder value for years to come.”