Connecting to payment systems world-wide easily and securely has always been a problem for corporates, governments and even banks. The problem is growing as countries and third parties develop new payment systems and move to a real-time 24/7 operating model. 

Bottomline Universal Aggregator® 

To solve this growing need Bottomline Technologies, a leading provider of cloud-based payment, invoice and digital banking solutions, has brought together many of their services including their newly accredited Faster Payments Service in their aggregation service, see below.

Bottomline Universal Aggregator

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The aggregator service has been designed to give banks, corporates, governments and non-financial banking institutions a single plug-in for SWIFT and several payment clearing and settlement systems including BACS, CHAPS, Faster Payments (DCA, Indirect and Direct New Access), Paym, CASS, SEPA, NACHA etc. as well as Bank of England* services.

For the corporate treasury department the Aggregator could be regarded as a hosted messaging hub that provides the senior finance, personnel and treasury teams with a high degree of centralised control and visibility over their payments workflow and statement reporting. Offering full integration with existing ERP, accounting systems, and Treasury Management Systems (TMS), and with secure connectivity to banks and treasury counter-parties; the Bottomline Universal Aggregator delivers a host of additional services including data mapping, payment workflow, statement consolidation and reporting, short term cash forecasting, automated sweeping and pooling, cash and securities reconciliations, treasury deal confirmation, and fraud monitoring and sanction screening.

Charging 

The service uses a subscription charging structure with no upfront setup or implementation fee. 

Planned development

The services currently accesses the new Faster Payments Service, and future plans include the accessing of new payment channels as and when they emerge – such as SEPA Instant Payments.

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* Bank of England services includes Bank of England Enquiry Link, which allows Bank of England Account holders to monitor their accounts and manage RTGS payment queues.

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CTMfile take: The competition in the connectors market is hotting up as technology companies such as Volante and Bottomline Technologies focus on connectivity for the corporate treasury department not only to banks, but also to the key payment systems as well as. It is the combination of payment documentation, payment processing & analytics, and secure financial messaging experience that enables Bottomline Technologies to provide their ’connectivity plus’ service.