Bottomline Technologies (NASDAQ: EPAY) today announced the launch of Paymode-X, its electronic order-to-pay network for business.
The new Paymode-X represents the combination of Bottomline's electronic settlement network (formerly PayMode) and electronic invoicing solution (formerly Bottomline Business eXchangeTM).
Combining payments and invoicing into a single platform means organizations can now turn to Paymode-X for financial supply chain automation. Purchase order distribution, invoice presentment, matching, general ledger coding, approval, purchase order "flip," prompt pay or dynamic discounting, payment processing, and remittance data delivery capabilities can all be accessed from one platform using a single sign-on. Paymode-X network members have already seen an improved user experience and the ability to access a host of other modules.
The Paymode-X network encompasses more than 100,000 companies and is the largest and fastest-growing network of its kind. The size of the network provides companies with an immediate solution to the traditional obstacles to adopting electronic payment and invoicing processes. The size of the Paymode-X network means that more than a third of each new customer's most important suppliers are likely already enrolled and able to receive electronic payments. Paymode-X's Software as a Service (SaaS) model also eases implementation and service burdens and brings a rapid investment return.
"When we acquired PayMode, our vision was to take the customer set, channel partners and supplier network and combine those with our Business eXchange technology", said Rob Eberle, Bottomline's president and CEO. "We've completed this ahead of schedule and look forward to offering the new Paymode-X platform with its next generation capabilities to our current and future customers and channel partners."
Transitioning from paper to electronic processes with Paymode-X reduces costs, increases efficiencies and optimizes working capital. Additionally, corporations, banks and other financial institutions are increasingly turning to electronic payments and invoicing as a way to reduce paper usage and environmental impact.
To spread awareness and provide more information about the order-to-pay features of Paymode-X, Bottomline has launched a related Web site, created a Paymode-X user group on Linkedin and is tweeting about product developments (paymodex). For more information, visit paymode-x.com.