Bank of America Merrill Lynch (NYSE: BAC) today announced that the expanded capabilities for Paymode-X, the all-digital online payment and invoicing system powered by Bottomline Technologies (NASDAQ: EPAY), are now part of the bank's supply chain and treasury solutions offering.
Combining electronic purchase order submission, invoicing and payment settlement on a single platform, Paymode-X enables companies to better control and predict their cash flow, reduce processing costs and strengthen relationships with suppliers. New features include enhanced purchase order presentment and matching, more efficient invoice workflow and approval capabilities, along with the ability for buyers and their suppliers to negotiate discounts for prompt payment.
Clients will have more options for supplier invoice submission, including the ability to accept mail, fax and electronic invoices, as well as automatically convert purchase orders into invoices. These new enhancements can be implemented separately or combined with BofA Merrill's Comprehensive Payables product to achieve a fully integrated, end-to-end purchase order to payment solution.
"Paymode-X has a proven track record of providing an efficient and secure environment for companies to exchange invoices and payment and remittance data electronically to more than 125,000 vendors," said Chris Bozek, Global Trade and Supply Chain Product executive at BofA Merrill. "These enhancements will give our clients an even more efficient online application to eliminate paper processing and drive a more efficient supply chain, allowing them to optimize working capital, reduce costs and strengthen controls. Through our relationship with Bottomline Technologies, we continue to collaborate on product innovations and deliver them to our clients."
Paymode-X connects users to a private network of more than 125,000 suppliers that accept electronic payments and send electronic invoices. The size and scale of this network, combined with a proven strategic vendor onboarding program, enables companies to rapidly convert suppliers to electronic invoice and payment processing, helping them to transform their order-to-pay process.
In addition to invoicing processing, Paymode-X supports BofA Merrill's Comprehensive Payables solution, enabling ACH, ePayables (card-based payments), wire and paper check print services though a single file integration. This comprehensive payment program ensures clients have the most effective products available to meet their evolving payment needs.