Bottomline Technologies (NASDAQ:EPAY), a leading provider of cloud-based payment, invoice, and digital banking solutions, 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.”