The company will allow its customers to access information and initiate payments directly with participating banks through APIs, via its cloud-based payment platform.
As soon as January 2018, Open Banking will impact the way payments are managed in the UK. The second Payment Services Directive (PSD2) legislation will follow with a similar intent of improving competition and innovation in European payments. Open Banking and PSD2 will require banks to provide open system access allowing businesses of all sizes to better manage their accounts and payments through secure APIs.
Bottomline will use the newly developed Open Banking APIs and solutions in payments to ensure businesses of all sizes can pay and get paid securely. Bottomline’s focus on Open Banking will also help businesses beyond the UK.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now