Bottomline launches Pay Direct to boost cash collection for businesses

Monday 3 August 2020 13:30 CET | News

UK-based fintech Bottomline has announced the launch of Pay Direct, an open banking payment initiation service enabling companies to receive online payments from customers.

Pay Direct is an alternative to payment methods available for making an online purchase that gives merchants and customers a new way to pay and get paid. As an open banking payment initiation service, Pay Direct enables online businesses to receive funds directly from the payer’s bank account via Faster Payments. Using Pay Direct, the payer initiates the payment from their trusted bank application whilst remaining in the business’s online journey. This way of processing an online payment offers an alternative for merchants looking to reduce card fees, benefit from quicker settlement, and improve reconciliation.

Bottomline’s Pay Direct increases the options companies have to manage their cash collections – adding open banking transfers to Direct Debits and card processing. To ensure maximum coverage of the payer population, Bottomline has already connected to most banks across the UK, according to the official press release.

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Keywords: Bottomline, Pay Direct, cash collection, Open Banking, payments , online payments, fintech, online purchase, merchants, Customers, payer, open banking payment initiation service, UK, United Kingdom, Faster Payments, online businesses, card fees, reconciliation, direct debits, card processing, banks
Categories: Banking & Fintech
Countries: United Kingdom
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Banking & Fintech

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