Connectivity
SWIFT Connectivity
Real-time payments systems and schemes
Visa B2B connect
Cross-border Payments
Current pain points
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/Instant/Faster 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 scheme
New Payments Architecture Update
Marcus Hughes, Head of strategic business development from Bottomline, and Richard Ransom, Strategic Customer Success Manager from Bottomline discuss the structure and plans of the new payments architecture (NPA). This episode covers basics like what's happened in the re-design of NPA, the new timetable, the exciting prospect it will bring along, etc
Instant Payments – SEPA Inst (TIPS) & SIC 5 Instant
Delivering access for both Message and Payments Services, and Connectivity via SWIFTNet Inst for RT1 & TIPS and SIC 5 Instant. Centred around our Universal Aggregator IQ single SaaS platform solution that leverages multiple gateways, Bottomline’s Instant Payments services can be wrapped around any Instant Payments scheme to deliver speed-to-market, adherence to all scheme compliance and full access to orchestration & payments services.
Use case - SEPA Inst
The SEPA Inst standard (SCT Inst) has been ‘live’ since 2017 and is already used by several schemes, banks, and service providers. However, the European landscape remains fragmented with various local schemes having different rules and a very domestic approach, preventing a harmonised and wide reach of Instant payment across the borders within Europe. More recently, both TIPS and EBA RT1 have built a pan-European approach with a great reach where it is now possible to achieve a single instant payment area in the Eurozone. Recent declarations from the EU council about the plan to regulate – and possibly to make compulsory - the use of Instant Payments should dramatically speed up adoption in order to reach the required critical mass for true success. This is the reason why Bottomline is focusing on delivering access for both Message Services, Payments Services, and Connectivity via SWIFTNet Inst – a proven and reliable network well known by the banks - for both RT1 and TIPS. Other connectivity options are also on our future road-map including P27, so watch this space.
Download Fact Sheet Watch webinar
Use case - SIC 5 Instant
In Switzerland, the need for a modern and state-of-the art platform for Instant Payments has already been widely recognised and understood. So much so, that a renewal plan for the domestic payment platform has been issued by SIX in conjunction with the Swiss National Bank. This initiative called SIC 5 aims to renew the current RTGS platform used by 246 banks in the country, whilst also introducing a brand-new Instant Payment rail in parallel. SNB & SIX are making the usage of Instant Payments compulsory - they announced that all banks with 500’000+ SIC messages in 2020 must be ready to process incoming SIC IP by August 2024. It will then become mandatory for all SIC participants by 2026. The planning for SIC IP service corresponds to a ‘technical go live’ in November 2023 and a ‘market go live’ in August 2024. Testing should start no later than mid-2023 for early adopters and so yet another date for your strategic diaries.
Universal Aggregator IQ
Single SaaS API enabled platform for payments, securities and messaging
ExploreFraud & Financial Crime Management
Risk Management (CoP, Watchlist Screening, SWIFT CSP, Internal Fraud)
ExploreDon’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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