National Grid has implemented a new cloud-based payments processing service from Bottomline Technologies to increase processing security and efficiency for its treasury payments.
The firm has chosen Bottomline's cloud-based Swift Access Service to manage cash more effectively while reducing operational risk.
Bottomline said its cloud-based service offered a more reliable, efficient and cost effective alternative to in-house Swift connections for corporations and financial institutions. It said that the cloud service increases security required for high value payment operations alongside significant efficiency and cost benefits.
The subscription-based Software as a Service facilitates rapid on-boarding to Swift and shorter deployment timescales. It said that this would ensure more rapid realisation of business benefits.
Mark Flawn, assistant treasurer at National Grid, said that access to accurate and timely balance and transaction reporting data, greater security and operational efficiency helped "build the business case for us to choose a cloud-based SWIFT Service Bureau model."
"This fits with the strategic initiative at National Grid to use remotely hosted solutions where possible. We are able to achieve better results by using a cloud platform, as it removes the overhead of maintaining the infrastructure on our own servers which in turn frees up both our Treasury and IT resources," he said.
Nigel Savory, managing director, Europe at Bottomline Technologies said that customers were able to achieve the goal of enhancing visibility and rapid access to cash with the service "as well as a range of value-added payments and cash management solutions which enable our customers to leverage their investment in Swift for an even greater on-going return on investment."
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