Bottomline Technologies (NASDAQ: EPAY) today announced it is expanding its payment network by acquiring the travel commission payments service of Bank of America (NYSE: BAC).
Bottomline will serve these travel clients through PayMode, the market-leading electronic network for payment and invoice automation that Bottomline acquired from Bank of America last year.
More than two dozen major travel and hospitality companies and tens of thousands of travel agents around the world use the Bank of America travel commission payments service for commission payments, remittance and reporting. These clients will upgrade to PayMode, the world's fastest-growing business-to-business payment network, later this year.
This acquisition builds on the strategic work Bank of America and Bottomline have forged to leverage the strengths and technologies of each. Under the agreement, Bank of America will continue to provide commission service to clients until their transition to PayMode. Clients will receive the same levels of customer service and functionality they're accustomed to, as well as gaining robust remittance reporting, enhanced delivery capabilities, and the ability to pay other suppliers within PayMode's network of more than 90,000 members.
"We believe these travel and hospitality industry companies and the agents that book for them will be pleased with the commission payments services Bottomline Technologies will provide them," said Bob Johnston, senior vice president and product management executive at Bank of America. "Working with Bottomline over the years as a provider of technology to the bank has given us confidence in its ability to deliver solutions that add value for clients."
"We look forward to welcoming these new clients to Bottomline and are fully committed to their success," said Rob Eberle, chief executive officer at Bottomline Technologies. "The acquisition of this travel commission payments service provides a natural extension of our Paymode platform's capabilities and is another important milestone in our long relationship with Bank of America."
Until the transition is complete, projected for late 2010, Bank of America will continue to provide service to the travel commission clients. Financial terms of the arrangement were not disclosed.