Evolution of UK Faster Payments: Creating a Level Playing Field for Smaller Financial Institutions

The introduction of the Faster Payments Scheme (FPS) in 2008 brought customers new capabilities, delivering payments at a speed that traditional payments couldn’t. Consequently, real-time payments are becoming the norm, however many organisations suffer challenges related to the commercial viability of FPS.

However, Bottomline provides financial institutions who have previously been unable to leverage real-time payments full access with all the benefits via the Indirect Agency model.

Payments UK

Real-Time Payments Express business benefits

BT action 84

Quick and cost-effective integration

With integration into the UK Faster Payments ecosystem, the Express service makes payments immediate and convenient.

BT documentation & messaging 60

Future overlay services

Provides access to a range of future overlay services designed to keep customers at the cutting edge of the industry.

BT legal 110

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.

BT documentation & messaging 53

Simple and cost-effective interface

The API enables new financial products to be developed quickly and efficiently without the need for complex legal agreements.

Access Faster Payments and meet your customer demand for RTP, without scheme approval.

Since the inception of Faster Payments, Bottomline has been at the forefront of supporting new entrants connecting to FPS. However, compliance and regulatory timescales and restrictions on FPS testing has limited the number of new entrants to the Real-Time Payments ecosystem via the previous Direct Participant and Directly Connected Non-Settling Participant routes.

As an alternative, Bottomline offers access to FPS, via API connectivity without the need for additional scheme approval. Domestic customers and those outside the UK will be able to extend their reach to their UK consumers with minimal cost and a short time to market. Using this API Connectivity, Bottomline’s Real-Time Payments Express Service offers 24/7 availability to meet the demand for a quicker, easier, alternative solution to access FPS.

Financial Document Automation Implementation Services Illustration 1170x1170 (1)
Real Time Monitoring and Control Illustration

Real-Time Payments Express product capabilities

User Interface provides real-time visibility of each and every transaction, with a range of easy to understand tracking and exception management tools

Customers will receive their own sort code, via our trusted sponsor, making accounts fully addressable, with customer funds held at the Bank of England

Minimal on-boarding managed via a cloud solution using an API, with no capital investment required up front

ISO 20022 HML messaging format, providing increased richness of data, enabling a road map to enhanced analytics

Future proofed technology for PSD2 and Open Banking

Why Bottomline?

Bottomline is a market leader in the provision of Real-Time Payment solutions and has taken more new entrants to FPS capability than any other provider.

Why Bottomline?

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.

Machine Learning

How banks can benefit from expanded access

This paper will explore trends in payment system access models and examine how the move toward open access can enable the next-generation of payment services.

Leveraging real-time payments (RTP) in digital ecosystems

Download White paper
v1jit4504957067001e0e0a2f5 4b96 4e71 a1ab 8775fc81c14fmain1280x72030m9s612msmatchimage
video time: 01:00:19 video title: 4 Steps to Success - Kick-start your real-time payments strategy

4 Steps to Success - Kick-start your real-time payments strategy

In this webinar, we took a closer look at global payment trends, the real-time payment solutions around the world and the use cases of real-time payments. 

How real-time payments are implemented differently around the globe 

The next-generational payment systems 

The value in utilising real-time payments

What are the latest big trends in payments and how should they be prioritised strategically?

There are a whole series of innovative changes occurring in the payment landscape aimed at making payments faster, more transparent and easier to manage. This podcast will help you decide which initiatives to prioritise to drive new revenue and provide an enhanced user experience for your customers.

v1static4504957067001c311fa9e 0568 43ee 8bcb a09d8a0bc3f7fbfc8436 24d5 4158 a67c 96a9035b80de1280x720matchimage
video time: 01:10:25 video title: Payments Modernization
v1static45049570670012d841415 b7da 490e 824f afa3c1231b16ce33b521 85cb 4a6b 9e50 8a99202a41221280x720matchimage
video time: 39:42 video title: Payments Aggregation

Payments Aggregation with JP Morgan’s Global Head of Real-Time Payments

How can banks and FIs benefit from real-time across their whole payments ecosystem?

Join JP Morgan and Bottomline as we discuss the impact of real-time payments and how the evolution of digital payments is driving more innovation. Real-time payments is ‘table stakes’ and central to any bank that is looking to be an innovator and stay competitive.

Supporting solutions

Universal Aggregator

Bottomline Universal Aggregator

Our cloud-based financial messaging and payments platform provides a single point of access to multiple payment networks (connectivity, processing, monitoring, screening) for Financial Institutions and large corporates through a comprehensive Digital Payments Ecosystem. Accessing multiple payments networks carries heavy overheads, technical complexity and duplication of processes. Bottomline helps banks address all of these challenges, providing a seamless, single and secure access point to multiple global and domestic payment schemes.


Statement Manager Consolidated Cash Management Illustration

Swift connectivity

Bottomline SWIFT Connectivity

SWIFT gpi/Universal Confirmations - With more than 660 banks signed-up to the SWIFT gpi service, with the capability to channel payments into over 1,300 country corridors and 150 currencies. Every day, banks send the equivalent of over $300 billion in value and 56% of SWIFT’s 17 million daily messages.


Digital Banking Illustration

Transformation and enrichment

Bottomline Transformation and Enrichment Service

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.

View product  View DATASHEET

Multi Connectivity Options Illustration 585x585

Message vault - data analytics

Bottomline Message Vault

Aggregated data and insights under the Bottomline Message Vault and Message Manager solutions leveraging real-time data and tracking capabilities to control the status of your business as well as providing enhanced analytics and intelligence for speedy and accurate decision making.

View Product View DATASHEET

Document Services Illustration 1170x1170 (1)


Want to learn more about Bottomline's solutions?

Give us a call.

Our solution experts are here to help.

+61 2 9068 9438 | SG +65 6508 8088

Chat with us.

Chat with one of our solution experts. We'll recommend the right product to fit your needs.

Let us help drive your business forward.

Tell us a bit about you and your business and we’ll get back to you with all the information you need.

footer curve