Bottomline Technologies has provided payment and reporting services in Europe for many years. They dominate BACS  payment processing in the UK, with two-thirds of all users connecting to BACS via Bottomline software. The PT-X payment platform offers organisations the ability to make BACS payments, Faster Payments, and collect direct debits in the UK from any location, 24x7, using their secure, cloud-based technology. 

New PT-X platform

The PT-X cloud based platform uploads bulk data payment files from user’s ERP/payroll/business application, validates the banking details of each transaction within the each file, approves the file and submits it for onward processing, see figure. 

PT-X cloud based payment platform

Source & Copyright©2015 - Bottomline Technologies 

PT-X enables users to view, process and approve payments from anywhere at any time and from multiple devices; offering greater visibility and control over their payments and cash flow. (At present, the Faster Payments Service is only available from Barclays, which is the only bank at moment to provide Direct Corporate Access (DCA) to the Faster Payments Service. Other high street banks are expected to provide this capability within the coming months.) 

Users and charges 

The PT-X platform is for companies and organisations that require a cloud based deployment option – a payment platform that is simple to use, secure, scalable to any volume, and fast. Although it is primarily focused on small to mid-sized companies, PT-X users already range from a large car manufacturer and hotel group, to public sector bodies, Internet companies, and many small UK retailers. 

Bottomline Technologies believe that PT-X users are driven by their need to make payments as simply, securely and as efficiently as possible, and so will continue to attract a wide range of organisations. 

Subscriptions are based on a modular cloud-based pricing model which uses a range of prices catering for the different scale and needs of users.

Future development of PT-X platform 

Over the coming months Bottomline Technologies plan to integrate more value added services into the PT-X platform, including enhanced:

• direct debit management including full life cycle functionality, personal payment plans, etc. 
• bank account validation and verification services
• international payment services.

Evaluating cloud based payment platform services 

It’s a competitive market with many cloud banking and payment platform services in Europe promoting cost saving, improved efficiency and security. Bottomline Technologies believe the key differentiators between the cloud base payment platforms and services are in:

• experience: Bottomline is an industry leader in UK business payments having provided cloud based Bacs payments for over 10 years – in 2014 the organisation processed 13.9M transactions worth £11.5Bn through their cloud Bacs services
• customer scale: designed for all sizes of organisation – scaling appropriately to payment processing needs.
• customer service: Bottomline Technologies is a multiple award winner for customer satisfaction and holder of both the UK Customer Excellence Standard & The Service Mark
• security: hosted in military grade facilities with failover contingency
• visibility & control: view, process and approve payments from anywhere at any time and from multiple devices
• fully managed service option: for companies who prefer a totally hands-free service, Bottomline can submit your payments and direct debits on your behalf through their BACS approved bureau.

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CTMfile take: This is an important development for Bottomline Technologies as cloud based integrated banking and payment platforms are one of the key developments in the evolution of corporate payment services. The PT-X platform is shaping up to be one of the leaders.