UMB Financial selects Bottomline platform for treasury management

Source: Bottomline Technologies

Bottomline Technologies (NASDAQ: EPAY), a leading provider of payments and invoice automation software and services, today announced that UMB Financial Corporation (NASDAQ: UMBF) has selected the company's Corporate Electronic Banking Platform to automate treasury management services including ACH electronic payments, Global Information Reporting and Check Management.

Based in Kansas City, UMB provides a complete range of individual and corporate banking services to Midwestern communities in six states. With competition for customers increasing industry-wide, UMB executives recognized the need to transition to Web-based systems capable of providing innovative products and services to its customer base. Based on patented technology, Bottomline's Corporate Electronic Banking Platform allows financial institutions to rapidly transform the efficiency and breadth of treasury management services through a modular software architecture.

"Given the competitive nature of the banking industry and the potential to create new streams of revenue through Web-based services, the limitations of back-office systems can jeopardize an institution's ability to grow and retain customers," said Terry D'Amore, Executive Vice President, Treasury Management, UMB Financial Corporation. "In Bottomline Technologies we found a strategic partner with a proven track record and the functionality necessary to help us bring innovative Web-based treasury management services to market more quickly and with less risk."

With Bottomline's full-featured modules, WebSeries ACH, WebSeries Global Information Reporting and WebSeries Check Management, UMB will be able to redefine the efficiency of services by eliminating paper and reducing labor-intensive processes. Additionally, UMB will be able to decrease IT-related maintenance and costs typically associated with proprietary systems, and the need for customers to access multiple applications for multiple services.

"The competitiveness and customer driven nature of regional growth in banking is causing many of the leading institutions to re-evaluate the power of technology in delivering best practice treasury management services," said Joe Mullen, CEO of Bottomline Technologies. "In selecting the Corporate Electronic Banking Platform, UMB Financial Corporation has immediately strengthened its ability to deliver high-value customer solutions while enhancing their market leadership and competitive advantage."

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