Revolut picks Bottomline to support customer demand for real-time payments
Bottomline Technologies, a provider of technology that supports business payments, has announced that Revolut has selected its Universal Aggregator solution to deliver real-time payment services to its UK business and retail customers.
With instant payments gaining traction in the UK, financial services organisations and businesses need to offer a 24/7 real-time payment proposition to their customers. However, becoming a direct member of the UK’s Faster Payments Scheme (FPS) can be a challenge for new players looking to bring payment services to market at speed.
The Bottomline solution is designed to provide financial services organisations with real-time payments connectivity that makes it easier for them to access FPS directly, without the need for additional scheme approval but with the ability to monitor and limit the volume of transactions. Using advanced technology and an alternative access route means Revolut can develop and scale their real-time payment services quickly and cost-effectively.
Revolut positions itself as an alternative to physical banks, offering a range of digital financial services. The company’s services are currently available in Europe, with a public beta underway in Australia and plans to launch in the US, Singapore and Japan in the coming months.