As Open Banking continues to revolutionise the world of financial services, payments disruptor Bottlepay is seizing the considerable opportunity it presents and leading the charge towards a new financial services ecosystem; one that’s instant, convenient and powered by Modulr.
Disrupting the financial status quo with pure payments innovation
On a mission to transform the way businesses and consumers transact across the world, Bottlepay is redefining payments through seamless social integrations and lightning-fast transactions. Built on the Bitcoin network, the Bottlepay platform aims to give everyone access to an open payment system which allows users to send, spend and receive money anywhere in the world, in real-time, in both conventional and digital currency.
Bottlepay’s vision for the future is precisely the sort of innovation that Open Banking is designed to facilitate. A directive which came into force in 2018, Open Banking powers new ways for users to access a wide range of financial services and offerings from fintech innovators.
In making its vision a reality, Bottlepay needed an Open Banking-enabled payments provider that was not only switched on, but also switched in – one that could bridge the paywalls and connect it to the Open Banking ecosystem and fiat payment rails, while simultaneously providing a platform that would support its innovation both now, and in the future.
If Open Banking has given Bottlepay the framework for collaboration, then Modulr is delivering the pure payments power; eradicating the barriers to effective instant payments by providing not only access to Open Banking innovations like payment initiation, but also the underlying account infrastructure that enables their full potential to be realised.
How Bottlepay is using Open Banking, powered by Modulr
Open Banking account-to-account payments (or Payment initiation as it is otherwise known) is a digitally native payment method. Fast and cost-effective, Open Banking payments enable Bottlepay to offer its users an alternative to topping up their accounts with either card payments or bank transfers both of which can seem clunky to those who are used to seamless digital experiences.
Available via the Modulr API, Bottlepay uses Open Banking functionality to redirect users to their bank, financial service provider or building society so they can top up their account and make payments smoothly and efficiently. For their customers, it only feels like three simple steps: they choose their bank, they’re redirected to authorise the payment, then they’re directed back to Bottlepay. They don’t need to go through the hassle of manually entering payment card details, sort codes or account numbers.
Unlike other offerings on the market, Modulr’s Payment Initiation connects natively with its underlying account infrastructure. Each Bottlepay customer (subject to KYC) has their own regulated fiat eMoney account into which funds are transferred; enabling them to benefit from real-time automatic settlement and instant notification of confirmation, as well as seamless on and off-ramp access to cryptocurrencies like Bitcoin.
“We're leveraging Modulr’s infrastructure and APIs to offer an eMoney account to every customer. And, through the Open Banking integration, we're effectively creating a translation layer for money protocols; allowing our customers to easily interoperate between conventional and crypto currencies. All UK bank accounts can now speak Bitcoin through our platform,” said Bottlepay Founder, Pete Cheyne.
Now the default top-up method on the platform, this seamless account-to-account solution allows Bottlepay to deliver a smooth and assured customer experience, and one that’s instant economy compatible.