Bottomline Joins the Euro Banking Association
Financial Resource Management software provider Bottomline Technologies has joined the Euro Banking Association (EBA), the body that manages how banks make euro denominated payments. An announcement by Bottomline said the EBA would draw on the firm’s expertise to help deploy a pan-European Automated Clearing House (ACH) payment system. Bottomline has experience in developing the kind of payment, validation, authorization, warehousing and routing technology that makes deploying and running international ACH platforms easy. Established in 1985 to create a uniform payment system for European banks, the EBA now manages high-value and low value payment systems across the European Union (EU) and includes banks from all EU member states, the US, Japan, Norway, Switzerland, Australia and China. The EBA has set an objective to establish an affordable, uniform pan-European bulk payment system (known as STEP 2) that reduces the cost of low-value, high-volume ACH payments between banks in different countries.