Case Studies

How Bottlepay is redefining payments through lightning-fast Open Banking integrations, powered by Modulr

Modulr By Modulr on 14 July 2021   •   5 mins read
<span id="hs_cos_wrapper_name" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="text" >How Bottlepay is redefining payments through lightning-fast Open Banking integrations, powered by Modulr</span>

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.

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“The feedback has been great. We've had many comments and words such as ‘magical’ have been used, which is not a word often associated with traditional banking and payments! The App-to-App nature of Open Banking is great for the user experience. Conversion rates are higher and it’s a much better experience. All in all, it's been overwhelmingly positive.

 

Pete Cheyne, Bottlepay
Learn how Open Banking Payments help businesses settle funds faster, reduce  fraud and deliver a better customer experience.    Download our Guide →

How Bottlepay uses Modulr for seamless GBP and EUR payments

As well as providing access to Open Banking payment rails, Modulr’s direct access to the wider UK payments network and its API-first access to SEPA credit transfers allows Bottlepay to offer its customers a full suite of payment capabilities and faster, smoother and more reliable ways to move money across the UK and Europe. And, by negating the incumbent payment rails and their minimum fees, Bottlepay has also been able to offer its business customers a whole new way to monetise digital goods and services. Enabling them to start leveraging the power of global micropayments by introducing economical online transactions online for small value.


Up next for Bottlepay and Modulr: Recurring Open Banking payments

Bottlepay will soon be taking advantage of the latest feature of Modulr’s Payment Initiation Service – recurring Open Banking payments. Just as Open Banking has revolutionised other areas of payments, it’s now being used to bring the Standing Order into the API-enabled digital age. Until now, Payment Initiation has been used for one off payments but Bottlepay will soon be using it to offer a recurring account top-up facility. This will enable customers to set-up a regular top-up straight into their account, in only a few clicks.

“People like to buy Bitcoin at regular intervals. And setting up a standing order is quite a manual process, something we're integrating right now with Modulr is recurring payments via Open Banking. It’s a much better user experience so it's great for the customer. And it's also great for us, it's a very SaaS means of monetisation. We're really keen to be adopting the new features that come out with Open Banking and we're certainly excited about some of the initiatives coming in the future,” adds Cheyne.


Putting Crypto at the centre of a new payments ecosystem

So, with its direct access to both the Open Banking rails and the wider critical payments infrastructure, Modulr is helping Bottlepay to break down payment barriers and create the infrastructure necessary to put crypto currency at the centre of a new payments system; one that allows its users to think fast and transact even faster - facilitated by Open Banking and powered by Modulr.