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More than 60 countries are already live with real-time payment schemes or due to launch imminently.
With over half a million transactions predicted and a growth rate of 40% annually between 2020 and 2024, the speed and agility that Real-Time payments offers is universally recognised as a genuine alternative to traditional digital payments such as ACH, RTGS or cards. However, the key to Real-Time payments is the interoperability of each scheme so that true global real-time transactions can become a reality. At present, schemes don't provide universal connectivity and so it isn’t possible to send funds globally. Therefore, it is of paramount importance that banks and financial institutions plan to connect to multiple schemes and central infrastructures.
This is why many financial institutions have decided to leverage the global SWIFT and Visa networks for cross-border payments.
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.
Visa B2B Connect is a new multilateral payment network designed to deliver predictable & transparent cross-border transactions. Visa B2B Connect provides an avenue to improve your cash position by taking trapped liquidity out of the correspondent network in these challenging times for your domestic market lending.
Whether our customers need help to launch Instant Payments, or want to update and optimise their existing real-time payments infrastructure or take advantage of our kick integration for SWIFT gpi or Visa B2B Connect, Bottomline is here to partner you to the strategy that best fits your financial institution.
It is important to recognize that it isn’t a case or either/or for Instant Payments and Cross Border Payments – each have their own use cases and benefits. Financial Institutions and Banks need to plan a strategy for both to truly remain competitive in today’s fast-evolving payments ecosystem.
Stay competitive in an ever-changing payments landscape
Develop new products
Quick and cost-effective integration into the UK Faster Payments ecosystem
Meet customer demand
Simple interface via the API enables new financial products to be developed quickly and efficiently
Access the latest technology
Access to a range of future overlay services designed to keep you at the cutting edge of the industry
Maximise confidence and stability
99.99% record of availability for its gateway services
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.
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.
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 providing enhanced analytics and intelligence for speedy and accurate decision making.
Introduced in response to the global financial crisis in 2008, the New Access Model was designed to remove barriers and create a level playing field for smaller/challenger financial institutions and PSP’s to connect to Faster Payments.
In this episode of the Payments Podcast, we’re talking to Julian Sawyer, former Chief Operating Officer at Starling Bank and Ed Adshead-Grant, General Manager for Payments at Bottomline about how and why the market and access model for real-time payments has evolved over the last 10 years.
Learn more about the alternative, quicker and easier way to access Faster Payments
Money transferred through the Faster Payments Scheme (FPS) was in excess of £1.7 trillion in 2018 from over 2 billion transactions. However, compliance and regulatory timescales and restrictions on FPS testing has limited the number of new entrants to the real-time payments ecosystem. Our 'Express' service offers real-time payments capability without long regulatory and compliance timescales.
