Current pain points for cross-border payments
Unpredictable processing and resolution time
Each Correspondent party may have different SLAs to process
When Issue arose – needed to wait for other party to respond or further chasing needed
Mounting numbers of inquiries
As number of payments grow, so did number of queries
Competing technologies of traceability
Increasing frustrations and delays
Multi-hops meant could not give exact update on progress or when payment due to be received
Sending/Beneficiary Banks not able to provide visibility to their own customers on payments
Strained customer and counterparty relations
Both parties blaming each other for the delays
Customer caught in the middle
Cross-Border: 4 Steps to Maximise Cross-Border Payments Success
Join HSBC, InfoSys, Bottomline and Finextra for this debate on why updating cross-border payments strategies should be a top priority for banks & FIs globally.
The value of cross-border payments is said to be worth over $250 trillion by 2027 according to the Bank of England. However, 35% of banks & FIs globally have cited lack of visibility on payment status as the greatest pain point when sending cross-border business payments, with 23% calling out the slow or unknown speed of arrival and 6% poor quality or loss of data – that equals 64% of pain points. The other percentages were made up of 22%, saying the costs of maintaining so many Nostro accounts and trapped liquidity scoring 13%.
SWIFT Connectivity – SWIFT gpi and Universal Confirmation
4275+ financial institution signed up to SWIFT gpi as if February 2022. 1830 gpi members are ‘live’ with gpi credit transfers covering 151 of the world’s 180 currencies. Every day 1 million cross border payments worth $493bn are sent over gpi across 2940+ country corridors.
Bottomline’s SWIFT gpi for API solution provides seamless integration to the SWIFT Observer, Directory & Tracker reducing previous issues for transparency, tracking, reconciliation, cost and overall efficiency.
The gpi Observer: Monitors whether gpi members are following the rules set out in the SLAs (for example, ‘Are you making funds available on the same day?’ and ‘Are you providing transparency of fees?’). (EYES)
The gpi Directory: Shows what Banks/BICS/Currencies are on GPI (MEMORY)
The gpi Tracker: Ensures traceability, transparency and completeness (Beating HEART of GPI)
Access the SWIFT APIs for gpi via the Bottomline API Gateway - single window, managed service – for easier and faster implementation
Visa B2B Connect integration available via Bottomline APIs
Visa B2B Connect is an innovative multilateral network that builds on Visa’s reputation and expertise, delivering B2B cross-border payments that are predictable, secure and cost-effective for financial institutions and their corporate clients.
As part of the Visa – Bottomline partnership, we provide cloud-native, API-based implementation of Visa B2B Connect. It is completely integrated with your existing payments infrastructure and 100% interoperable with SWIFT flows. As such, we are uniquely placed to offer banks a seamless and elegant solution for all cross-border payment flows.
Runs alongside your swift operations
Simple contracting options
3 months to go live
Real-time payment systems and schemes
Bottomline has a recognised heritage in providing innovative payment solutions for Banks and regulated Financial Institutions. Acknowledging the need for Real-Time Payments capability is critical in today’s market to keep up with consumer demand, and Bottomline is the only provider to have built a solution suite to support all connection methods to Faster Payments: Direct, Connect and Express.
The Real-Time Payments solution suite is an addition to Bottomline’s portfolio of comprehensive payment solutions for Bacs, SWIFT and SEPA, providing a universal aggregator platform covering all payment types.
UK Faster Payments (New Payments Architecture)
2021 saw Faster Payments break the record for the highest amount of payments processed in a single year.
2020 saw 2.9 billion payments processed, whereas in 2021 the figure grew to over 3.4 billion.
In total, there were 568 million more payments processed than in 2020. This is an increase of 20%.
Faster Payments broke the record in 2021 for the number of payments processed in a single year.
2.1 trillion was transferred via Faster Payments in 2020. In 2021 however, over £2.6 trillion was transferred.
In total, the amount processed in 2021 rose by £496.7 billion compared to 2020. This is an increase of 24%.
Real-Time Payments Express business benefits
Quick and cost-effective integration
With integration into the UK Faster Payments ecosystem, the Express service makes payments immediate and convenient.
Future overlay services
Provides access to a range of future overlay services designed to keep customers at the cutting edge of the industry.
Confidence and stability
Bottomline has a 99.99% record of availability for its gateway services; providing confidence and stability when accessing the Faster Payments Scheme.
Simple and cost-effective interface
The API enables new financial products to be developed quickly and efficiently without the need for complex legal agreements.
Messaging and Message Storage
Bottomline ISO 20022/ CBPR+ and the Transformation and Enrichment Service for SWIFT & Market Infrastructures
Reduce total cost of ownership and time to market by providing flexible and secure integration with back office environments, mutualization of services and compliance with all technical and regulatory requirements, such as ISO 20022 migration. We offer customers 'On Prem', Hosted or SaaS-based solutions.
Benefits of ISO 20022 & The Transformation & Enrichment Service
Convert MT to MX and MX to MT.
Mitigate truncation risk.
Leverage market infrastructure mappings.
Receive automatic payload detection.
Access Custom Mappings.
Benefit from transformation retrieval via token id.
Consolidate custom data retention integration with the Bottomline Message Vault overlay.
How can ISO 20022 benefit your business?
Supports transparency & interoperability for domestic & cross-border payments
Lowers operating costs
Provides data insights to improve customer payments insight
Increased automation & less manual intervention
Richer customer data which helps with reconciliation & enhanced fraud capability
Creates new revenue streams through digital overlays
Improved customer service and ability for clients to self-serve
Bottomline Message Vault
A globally accessible repository, enabling complete visibility over all financial messages, turning data into insights
The Message Vault offers a high-performance search, retrieval and export capability for all financial messages, accelerating the data strategies of organisations.
The cloud-based solution allows your organisation to readily manage the ever-increasing availability of payment information across different networks, payment channels, banks, formats, and clearing institutions. Users can rapidly discover the information their business needs through a secure model that can be leveraged by any network or platform through open APIs.
Universal Aggregator IQ
Single SaaS API enabled platform for payments, securities and messagingExplore
Fraud & Financial Crime Management
Risk Management (CoP, Watchlist Screening, SWIFT CSP, Internal Fraud)Explore
Don’t just take our word for how we can transform your strategy
Explore various customer use cases for how Bottomline Financial Messaging Universal Aggregator IQ has impacted their institution:
“Bottomline’s UA system has provided an opportunity for us to improve operational resilience, overcome regulatory compliance challenges and scale up quickly to address evolving changes in the market.”
- Narongrit Promfai, Vice President – Investment / Core Banking System
“DGB Bank PLC (DGB) is implementing a new core banking system. Due to the tight timelines, as well as previous difficulties in becoming a SWIFT member, we chose to outsource to Bottomline. The experience of onboarding to Bottomline’s hosted Universal Aggregator solution was straightforward, quick and seamless with the great assistance of the Bottomline project team to help with queries and the end-to-end process. The solution, alongside Bottomline’s Secure Payments and SWIFT CSP service, allows us to focus on the bank’s core business operations, whilst minimizing the risk of payment fraud.”
- Sieng Kimhong, Chief Information Officer
“BMCE Bank International are a long-standing client of Bottomline’s and are very pleased with the service we have been provided with for several years now. The level of governance and regular interaction the bank has with Bottomline ensures a close working relationship and that we are kept updated with the latest payment and industry developments."
- Colin Janes, Head of IT
“Bottomline helped us achieve our objectives successfully. With effective project management, Bottomline was able to deliver the agreed business requirements within the BSP deadline, in fact, way ahead of the BSP deadline.”
- Rodel Garcia, Head of the Fund Transfer Department
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