Bottomline enables StepChange Debt Charity in the launch of new Coronavirus Payment Plan
Bottomline, a leading provider of financial technology that makes complex business payments simple, smart and secure, today 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.
Bottomline’s PTX payment platform is enabling 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.”
Responsible for managing StepChange’s technology and architecture, 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.
“To manage these payments, we needed to rely on proven technology that could be rapidly deployed. Having worked with Bottomline for many years, we naturally turned to them to handle the seamless disbursement of our clients’ debts to their creditors. Their services have not let us down during our long relationship, and therefore it was a natural decision to work with Bottomline to implement PTX on CVPP to ensure the smooth and ongoing transfer of funds for our clients throughout their payment plans.”
Savory added, “It’s a privilege to be involved in this program with StepChange as they offer hundreds of thousands of individuals a way to help manage their debt during this difficult time.”