Bottomline launches Open Banking API

Business payments technology firm Bottomline Technologies has rolled out a suite of services for banks to elevate their customer engagement with corporate services.

In a press release on Tuesday (Aug. 6), Bottomline announced the launch of its Digital Banking IQ Intelligent Engagement suite, a range of products that includes payments, cash management, risk and fraud management, relationship development and client onboarding and account opening. The offering also connects banks with an Open Banking API to promote collaboration, the company said.

All of the products are integrated with each other to provide financial institutions with a streamlined picture of their clients, while machine learning and artificial intelligence (AI) technologies provide a deeper analysis of those customer relationships.

In addition to streamlining management of customers for banks, Bottomline said the suite of solutions allows corporates to streamline the services they receive from financial institutions.

“With the launch of Digital Banking IQ, we are building on our market-leading banking, payments and cash management solutions to enable financial institutions to win the digital battle for primary ownership of the customer relationship,” said Bottomline’s Managing Director of Banking Solutions Norm DeLuca in a statement. “Commercial banking customers are frustrated by unnecessary complexity, fragmentation and friction, and they value a partner that can provide a seamless, unified digital experience and has a rich understanding of their needs and interests.

“In an increasingly open and competitive marketplace, smart banks can win with integrated solutions that enable them to engage intelligently with customers and deepen and grow long-term relationships,” DeLuca added.

Bottomline’s new offering also reflects the U.S. financial services industry’s migration toward Open Banking despite a lack of regulations in the country.

In the U.K., where Open Banking adoption is powered by regulations, Bottomline recently announced a partnership with Starling Bank to launch a Real-Time Payments Express Service, enabling businesses and banks to send, receive and monitor transactions in real time.