Real-time payments are quickly gaining traction in the UK. To meet the demand, challenger bank Revolut has picked Bottomline Technologies to help it out.
The company is a provider of financial technology that helps make business payments simple, smart and secure. It will now use this ability to connect Revolut’s retail and business customers to the UK’s Faster Payments Scheme.
Bottomline will do this without the need for additional scheme approval but with the ability to monitor and limit the volume of transactions.
“Bottomline’s real-time payment and settlement service provides all the core benefits of the historical access methods to Faster Payments,” said Mikael Peydayesh, product owner for core payments at Revolut. “Given the competitive dynamic of a fast-growing scaleup 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.”
Revolut was recently valued at $1.7bn and has more customers than any other challenger bank in the UK, according to FinTech Global’s data. It has more than seven million customers and has raised £246m between 2014 and the first six months of 2019.
Copyright © 2019 FinTech Global
