Under the terms of the deal, Bottomline Technologies is set to acquire Bank of America’s PayMode product, operations and vendor network. The two companies have concluded a multi-year agreement to jointly operate and enhance this Software as a Service (SaaS) offering. In addition to continuing to market PayMode to new customers, Bank of America will retain existing PayMode client relationships and join Bottomline’s Strategic Advisory Council. PayMode allows the electronic exchange of payments and invoices between organizations and suppliers, and currently includes around 80,000 vendors.
Thus, Bank of America and Bottomline are to deliver joint services for integrated payables automation, allowing businesses to capitalise on the two organizations’ automated B2B electronic invoice and payment processing initiative. The relationship will also leverage Bottomline’s invoice management workflow, global payment platforms and cash management services.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now