The combination adds new bank channel relationships to Paymode-X and capabilities that improve the network’s virtual card programme, an important revenue driver for Paymode-X. Today, most virtual card payments are delivered through encrypted email or via secure portal access. This manual task can become expensive and burdensome as a vendor accepts higher volumes of virtual card payments from their customer base. Virtual card payments made via STP are processed directly to the vendor’s bank account while delivering rich remittance data. That reportedly results in savings of both time and effort, as well as reduced card acceptance costs, for vendors with high volumes of virtual card payments.
The transaction was structured as an asset purchase for USD 15 million in cash and is not expected to have any material impact on Bottomline’s previously issued financial guidance.
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