What is Open Banking?

Open Banking has transformed banking in the UK by fostering competition and innovation. This framework facilitates banks in the UK, to securely share banking data with authorized third parties through standardized APIs. With the account holder's consent, these trusted third parties can offer advanced and tailored banking services, driving a new era of customer-centric financial solutions.

Bottomline is a key participant in the UK Open Banking ecosystem. Our proprietary service, Pay Direct, offers UK businesses a streamlined solution for initiating account-to-account payments, enabling the collection of single, immediate domestic payments.

Developed by Bottomline and owned by Bottomline Payment Services Limited, PTX Pay Direct is fully authorized by the FCA under the PSR 2017 (616279) for delivering payment services, including Open Banking Payment Initiation and Account Information Services.

How Pay Direct Can Help Your Business

• Enhance conversion rates: Implementing an Open Banking account-to-account payment method is a cost-effective and secure way to boost payment conversions. By leveraging the payer's trust in their bank's familiar payment processes, this solution ensures a seamless transaction experience without requiring the sharing of sensitive information with Bottomline.
  
  
• Extensive bank coverage: Our robust network of direct bank connections covers over 96% of UK personal current accounts, allowing you to support a broad spectrum of customers.
  
  
• Minimize payment failures: Reduce the risk of payment failures by optionally confirming funds availability with the account holder bank before initiating the payment.
  
  
• Streamline operations: Track and report on each payment with ease, as every transaction is recorded under the same reference that appears on your bank statement. Retrieve transactional information directly into your back office systems for greater efficiency, faster fulfilment, and enhanced customer interactions.

Use Cases

1. E-Commerce checkout
   Offer a seamless alternative to traditional bank transfers, which often involve fragmented customer experiences and require significant manual reconciliation. Provide an efficient alternative to card payments, which can be costly for businesses and cumbersome for users due to increased authentication steps and the need to share personal information.
   
   
2. Ad-hoc payment collection
   Enhance customer convenience by sending a link to your payment page within a payment request, such as an invoice, statement, or reminder. Simplifying the payment process within the same communication increases the likelihood of timely payments.
   
   
3. All-in-one solution for retail partners
   Integrate a versatile payment solution that supports various retail environments, from in-store and point-of-sale (POS) to online platforms. Empower your retail partners with a unified platform that delivers a consistent and efficient payment experience across all channels.