Bottomline has launched a new open banking payment initiation service Pay Direct, designed to enable companies to receive online payments more efficiently.
Pay Direct enables online businesses to receive funds directly from the payer’s bank account via Faster Payments.
In addition, through Pay Direct, the payer initiates the payment from their bank app whilst remaining in the business’ online journey. The aim is to ensure consistent brand and user experience.
Nigel Savory, Managing Director of Europe at Bottomline, said: “We’re delivering the promise of Open Banking and its winning propositions for both the merchants trading online and their customers.
“Pay Direct adds faster and cheaper settlement options for businesses and creates streamlined customer experiences for those making direct digital payments between their banks and the businesses they buy from.”
Bottomline has already connected to significant number of banks across the UK to ensure maximum coverage of the payer population.
David Beardmore, Ecosystem Development Director at Open Banking Implementation Entity (OBIE), added: “This is a great example of Open Banking giving merchants the ability to receive instant payments from their customers.
It is encouraging to see that despite these challenging times, we have companies like Bottomline in our thriving ecosystem who are leveraging Open Banking technology to deliver greater value and improved choice.”
Bottomline fraud survey
Earlier this year, Bottomline released a survey revealing company fraud was on the rise.
According to the survey, 60% of companies now report experiencing fraud with a 50% increase in fraud over the past three years.
This comes as fraudsters continue to find more sophisticated methods to carry out attacks. Automated attacks outpaced high-touch attack methods such as check fraud.
The top areas where participants reported increased defence spend were business email compromise (48%), bank transaction fraud (36%) and transaction controls (33%).
Chris Gerda, Risk and Fraud Prevention Officer, Bottomline, said: “There’s been steady progress, but fraud prevention efforts must outpace increasingly sophisticated fraudsters.
“The survey results highlight the need for defence spending at each step of a payment, especially at the human level.”