Bottomline enables StepChange Debt Charity in the launch of Coronavirus Payment Plan
By Megha Bhattacharya
FinTech 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.”