Bottomline Technologies, a company whose objective is to make business payments simple, smart and secure expanded its Digital Banking IQ product with the launch of its Real-Time Payments module.
The new product capability was launched to provide a bank's corporate customers with the ability to send and receive real-time payments, to request payments, and to leverage complete and integrated information.
The company has banking clients that utilize the company’s capabilities for both domestic and international payments and boasts thousands of users.
Banks are considering how to educate their clients on more efficient ways to handle transactions. Norm Deluca, Managing Director of Payment Solutions at Bottomline explained how the new product fits into this objective. He said, “Customer engagement is central to creating real, sustainable value in financial services. Real-Time Payments represents an important new means to that end. Smart banks are focusing more on the value of the end-to-end processes and experiences around payments, which we enable by delivering Real-Time Payments through Digital Banking IQ. This new product – with a focus on ‘conversational messaging’ – empowers banks to deepen customer engagement by offering the speed and certainty of faster payments, combined with richer transaction information and more frictionless business-to-business interactions, through their digital banking application.”
Several analysts believe real time payments are a must if a bank is going to compete for corporate business. “Many businesses are expressing frustration at the lack of messaging and clarity from their bank in enabling real-time payment capabilities,” said Erika Baumann, Analyst, Aite Group. “Banks that are not taking steps to offer real-time payments to their business clients are at risk of losing valuable revenue, specifically to competitor banks that are able to clearly articulate the value of real-time payments as part of an effective and efficient payments strategy.”
The product is a business to business focused product. “By providing real-time payments capabilities through Digital Banking IQ, we help banks expand their payment capabilities, strengthen their position with corporate customers, and build deeper, more insightful and engaged relationships,” said DeLuca.
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