Bottomline’s Paymode-X opens access to market-leading digital B2B payment network
Bottomline, a global leader in business payments, today makes its B2B payment network available to approved financial institutions, fintechs and others looking to increase payment acceptance.
This is the first time Bottomline’s business payment network has opened access to its proprietary Premium ACH supplier network and is another milestone in the company’s mission to transform the way businesses pay and get paid.
Partners can connect to Bottomline’s growing 550,000+ authenticated and validated suppliers and provide payers with high-end, rebate-friendly ACH payments, complementing their existing virtual card program and providing a new revenue stream.
Offered as a network-as-a-service solution, this latest innovation from Bottomline enables financial institutions, fintechs and others to expand their payment networks, driving multiple benefits that further deliver accounts payable (AP) automation and effortless network expansion for their customers, the payers.
Payers can digitize more of their AP files, benefiting from increased automation, more rebates and better security, resulting in significant time savings, improved cashflow and a reduction in risk.
By receiving more payments digitally, suppliers on the network will experience less portal fatigue, lower payment acceptance costs and less risk.
“Bottomline’s Paymode-X is one of the largest and most established business payment networks, enabling billions of secure, compliant payments and delivering high value to its trading partner members for many years,” said Andrew Bartolini, founder and chief research officer, Ardent Partners, a leading epayables research and advisory firm. “The decision to open the payment network to new partners creates a huge opportunity for financial institutions and technology providers alike to seamlessly deliver a market-leading payments solution and help their customers automate the last mile of their B2B transactions.”
“Opening the Bottomline business payment network recognizes the role we play in expanding a connected ecosystem,” said Craig Saks, president and CEO, Bottomline. “Transforming business payments means connecting banks and fintech partners across the system to expand the reach of their corporate payments and to offer their business customers more access to more suppliers without the additional investments required to achieve scale.”