Bottomline Technologies (NASDAQ:EPAY), a leading provider of payment, invoice, and digital banking solutions, is enabling breakthrough ‘banking-lite’ capabilities to the rapidly growing UK Prepaid card market through its innovative Agency Services platform.
Historically, Prepaid cards have been limited in the options available to transfer funds on and off the account. The Bottomline Agency Services solution overcomes these limitations, delivering a wide range of additional Automated Clearing House (ACH) payment services and functionality to the Prepaid market, such as near real-time and batched electronic payments on and off the account, international transactions and Direct Debits.
Utilising existing bank payment channels, Bottomline’s technology now enables Agency Banks and Prepaid card programmes to offer increased flexibility in how funds can be transferred to and from an account. Previously excluded from Direct Debit and Faster Payment services, the global prepaid market - which is set to reach £1.4 trillion by 2018* - can benefit from offering affordable ‘bank-like’ functionality to card-users.
Increasingly seen as a cost-effective alternative to a traditional bank account, the Prepaid market has grown beyond underbanked sectors and into the mainstream - adopted by businesses for payroll payments, corporate expenses or gifts, credit dispersal, online purchases, and parents looking for spend control.
“Delivering additional revenue streams for programme providers, this technology provides third parties with accelerated speed to market and a cost-efficient way to dramatically enhance existing service propositions, without having to invest in new infrastructure capabilities,” comments Richard Ransom, Product Marketing Manager, Bottomline Technologies. “In turn, it can increase card holder satisfaction, loyalty and retention.”
A recent report by Ovum**, highlighted that Bottomline Agency Services “enhances the Prepaid card proposition, offering clear benefits to existing cardholders and creates the opportunity for further new entry to and competition in the retail banking space”.
“With prepaid cards moving into the mainstream, the expectations of customers has risen,” said Nigel Savory, Managing Director, Bottomline Technologies Global Business Solutions. “Today’s consumers expect greater flexibility in moving funds into and out of their accounts. Agency Services from Bottomline represents a paradigm-shift in service levels and value that Prepaid providers can now offer to this rapidly growing market.”
Kevin McAdam, allpay Limited Director Prepaid added: “We have worked in partnership with Bottomline to offer this innovative solution as part of our standard functionality, giving our clients and their customers (cardholders) the widest range of payment options.” McAdam further added, “Feedback on the ‘banking-lite’ solution has been excellent. This functionality is a key requirement in using a Prepaid card for day-to-day use in today’s environment.”