Revolut has partnered with Bottomline Technologies to deliver real-time payments to its UK retail and business customers.
This comes at a time when instant payments are increasing in the UK. Bottomline’s Universal Aggregator offers new financial services with real-time payments connectivity designed to make it easier and quicker.
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As a result, Revolut aims to develop and scale their real-time payment services quickly and cost-effectively.
Mikael Peydayesh, Product Owner of Core Payments at Revolut, said: “Bottomline’s real-time payment and settlement service provides all the core benefits of the historical access methods to Faster Payments.
“Given the competitive dynamic of a fast-growing scale-up organisation, Bottomline’s expertise and leading technology have helped us accelerate the delivery of a new service and allowed us to centre our attention on growing our business.”
Soon customers will be able to access and process one-off 24/7 instant payments through Revolut’s digital financial services platform.
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By GlobalDataNigel Savory, Managing Director of Europe at Bottomline, said: “Creating reliable and innovative technology to serve a fast-paced, digital society is at the heart of the payments industry right now.
“We are delighted to provide Revolut with value-add functionality that speeds up the way their customers can pay and get paid and helps enhance the overall Revolut experience.”
In June, Bottomline also formed an alliance with digital bank Starling to launch real-time payments. Like with Revolut, the service will be 24/7 and allows banks to send and receive payments.
Revolut chooses Visa to drive expansion
Last month, Revolut chose Visa to help drive its global expansion. With the partnership, Revolut promised to hire 3,500 staff and expand its product offerings to five new regions.
To date, the young digital bank has raised approximately $340m in funding from venture capital firms including Index Ventures.
Revolut’s services are currently available in Europe, with a public beta underway in Australia. In addition, it also has plans to launch in the US, Singapore and Japan in the coming months.
