Metro Bank is joining Bacs, the Pay.UK-operated payment system. As a result Metro Bank is enabling direct debit origination for business customers through a new partnership with Bottomline Technologies.
Through this partnership, Metro Bank has deployed new technology to take greater control of its payments capabilities.
Metro Bank business customers will be able to create, automatically collect and manage payments via Direct Debit. This is a service that is sometimes not accessible to many smaller SMEs. Direct Debit is the safest and most cost effective method of getting paid or for regular or occasional payment commitments.
76% of regular payments are made by Direct Debit. Furthermore, over 15% of small and 30% of medium-sized businesses accept Direct Debit as a payment method. Many of these are the types of businesses that are the mainstay of the modern economy.
Metro Bank commitment to fintech partnerships
In 2019, Metro Bank also announced a number of fintech partnerships. Specifically, it teamed up with Personetics, RMS Group Services, Funding Options, Conance, and DueDil. This is all part of the bank’s commitment to collaborating with UK SMEs and fintechs by embedding them into the products and services it provides.
Paul Riseborough, CCO Metro Bank, says: “We’re seeing real transformation in the payments industry. This needs to benefit smaller SMEs too. By becoming a direct participant of Bacs and partnering with Bottomline Technologies, we will offer a best-in-class solution. By removing the complexity of regular payments we can save customers vital time. That is time that can better be spent running and growing their businesses.”
Matthew Hunt, COO of Pay.UK, says: “Enabling a vibrant UK economy is central to everything we do at Pay.UK. Increasing participation and involvement in payments, while maintaining robustness and resilience, is a key driver in achieving this.”
Nigel Savory, Managing Director, Europe at Bottomline Technologies, says: “We are excited to be working in partnership with Metro Bank. This enables wider access to payment systems and brings direct debit capabilities to SMEs through our technology platform.
“SMEs have traditionally found it challenging to get access to Direct Debit with all the benefits it brings. But Metro Bank business customers will soon have access in a simple and secure way.”