back Back

Bottomline enables StepChange Debt Charity in the launch of Coronavirus Payment Plan

By Megha Bhattacharya

October 23, 2020

  • Bottomline
  • UK
Share

Bottomline TechnologiesFinTech Bottomline commented on the launch of the Coronavirus Payment Plan, a debt management program offered by StepChange Debt Charity, and created in consultation with the UK Government. The FinTech’s PTX payment platform is powering the StepChange program to collect available funds from individuals, manage debt payment plans and associated official correspondence, and disburse the agreed payments as negotiated with creditors across the country.

“Setting up mandates, managing payment plans, and collecting or paying variable amounts on a recurring basis can be a complicated and time-consuming process, aggravated by potential fraud and manual error if not managed properly,” said Nigel Savory, Managing Director of Europe, Bottomline. “Bottomline’s PTX payment platform provides a simple, smart and secure way to automate and ease that process.”

Recently, Bottomline announced a partnership with Dow Jones Risk & Compliance, as SIBOS 2020 gets underway. The collaboration is expected to add key data to the FinTech’s Anti-Money Laundering and Counter-Terrorist Financing monitoring and screening capabilities, thus helping it to identify and stop illicit transactions.

Lorna Allan, CIO of StepChange Debt Charity, explained, “The coronavirus pandemic has created a period of widespread financial instability for households, with many people receiving unforeseen knocks to their finances. That’s why we have developed CVPP, a product to help those who need to get back on their feet quickly. In a similar way to longer-term payment plans, StepChange will work with CVPP applicants to determine the number of creditors they have, what they owe, and what they are able to pay. StepChange will then liaise with all creditors on behalf of the client, who will be required to make one single payment per month to StepChange as per their agreed plan for the next 12 months – with the option to leave or to switch to a different debt solution if their circumstances change during that period.”

Previous Article

October 23, 2020

Syncapay takes over Wirecard North America, leading the future of digital payments

Read More
Next Article

October 23, 2020

Central Bank of Bahrain launches the FinHub 973 platform

Read More








IBSi Daily News Analysis

March 22, 2024

Bottomline

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

5 Major FinTech Acquisitions announced in March 2024

Read More

Today

Tempo France suspends classical remittances, to focus on DeFi

Read More

Today

Qonto unveils its first in-house financing offer, ‘Pay later’

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023