Bottomline Partners with Barclays to Bring a Fast and Convenient Mobile Payment Solution to UK Businesses
Portsmouth, NH – May 9, 2016 – Bottomline Technologies (NASDAQ: EPAY), a leading provider of financial technology which helps make complex business payments simple, smart, and secure, today announced the release of a mobile payment solution for the UK in cooperation with Barclays.
The solution will allow organisations to send payments in minutes to recipients using only a phone number. This means the recipient does not need to surrender their bank account details and the organisation does not need to handle sensitive payment information. This makes it a faster, more convenient and lower cost alternative to issuing cheques. The immediacy of payment will also be attractive to organisations currently disbursing via Bacs Direct Credit.
To receive a payment, individuals and smaller organisations can be registered to either Pingit, a mobile payment service from Barclays or to Paym, a mobile payment service supported by Barclays and sixteen other banks and building societies. There are already over 3 million phone numbers registered with Pingit and over 3 million registered with Paym. If a recipient wants to receive a payment via their phone number but is not registered to either service, they will receive an SMS inviting them to register to Pingit within five days and on doing so will instantly receive the payment. Recipients do not have to bank with Barclays or have a smartphone to use Pingit and according to Payments UK, more than 40 million customers are eligible to register their mobile phone number for Paym, representing over 90% of UK current accounts.
Richard Ransom, Product Marketing Manager, Bottomline Technologies, comments, “With the ability to make a single submission of bulk payments in near real-time without needing to capture customer bank details, we expect Bottomline’s Mobile Payments for Corporates module will appeal to a very wide-range of businesses. This fully automated solution can be especially attractive to businesses such as those in the utility and insurance sectors that still rely on high volumes of costly cheque generation.”
“As well as offering a lower-cost alternative to existing payment processes, the convenience and immediacy of Pingit and Paym can significantly improve customer engagement and satisfaction levels for users. For example, in the case of Pingit, all recipients will be notified of their payment via an SMS or app alert.”
Darren Foulds, Managing Director for Pingit, Barclays, added: “Over £2bn has been transferred to date via Pingit and this mobile integration functionality will allow Bottomline’s customers to quickly adopt both Pingit and Paym payment methods. It’s a payment option that will provide extra security, as well as greater speed and convenience for businesses and their customers.”
About the Mobile Integration Solution
The Mobile Payments for Corporates module from Bottomline Technologies is an addition to their modular ‘C-Series’ platform – an end-to-end solution for organisations that require multiple locations, users and payment methods. The module now offers the ability to connect and integrate their existing payment systems with the Barclays Pingit ‘send a payment’ service. This service requires a Barclays Corporate UK bank account. Disbursement values typically range from £1 up to £3,000.
About Bottomline Technologies:
Bottomline Technologies (NASDAQ: EPAY) helps make complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioral analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the U.S., Europe, and Asia-Pacific. For more information visit www.bottomline.com.
Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website.
Pingit was the UK’s first person to person mobile payment app launched in 2012 and has since expanded to include consumer to business and business to consumer payments. Pingit payments can be facilitated via PC and tablet websites, mobile websites and apps, email, SMS and paper invoices using QR codes. Over 78,000 businesses have registered to use Pingit.
It is free to download on Apple, Android, Windows and Blackberry devices and is available to everyone, not just Barclays customers.
Pingit has more than 3 million registered users and the total amount transacted using the service is more than £2bn.
For further information about Pingit, please visit pingit.com
Bottomline Technologies and the Bottomline Technologies logo are trademarks of Bottomline Technologies, Inc. which may be registered in certain jurisdictions. All other brand/product names may be trademarks of their respective owners.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements reflecting our expectations about our ability to execute on our growth plans. Any statements that are not statements of historical fact (including but not limited to statements containing the words “believes”, “plans”, “anticipates”, “expects”, “look forward”, “confident”, “estimates” and similar expressions) should be considered to be forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors including, among others, competition, market demand, technological change, strategic relationships, recent acquisitions, international operations and general economic conditions. For additional discussion of factors that could impact Bottomline Technologies' operational and financial results, refer to our Form 10-K for the fiscal year ended June 30, 2015 and any subsequently filed Form 10-Qs and Form 8-Ks or amendments thereto. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.
Director, Marketing Communications