Bottomline Technologies has expanded its Digital Banking IQ suite with Real-Time Payments module to streamline the business-to-business payments process.

The Real-Time Payments module will enable a bank’s corporate customers to receive and send real-time payments. They can also request a payment through the module.

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The module enables real-time credit transfers utilising the RTP network from The Clearing House. The process reduces manual intervention, accelerating payments and access to funds.

Additionally, the customers will receive instant and automated payment status updates, and remittance information.

The Real-Time Payments module also incorporates conversational capabilities to improve communication between two parties.

Bottomline Technologies Banking Solutions managing director Norm DeLuca said: “Customer engagement is central to creating real, sustainable value in financial services. Real-Time Payments represents an important new means to that end.

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“Smart banks are focusing more on the value of the end-to-end processes and experiences around payments, which we enable by delivering Real-Time Payments through Digital Banking IQ.

“This new product – with a focus on ‘conversational messaging’ – empowers banks to deepen customer engagement by offering the speed and certainty of faster payments, combined with richer transaction information and more frictionless business-to-business interactions, through their digital banking application.”

Headquartered in the US, Bottomline Technologies delivers fintech solutions to facilitate business payments.

Earlier this month, UK-based digital bank Revolut tapped Bottomline to deliver real-time payments to retail and business customers.