Powered by Bottomline Technologies, Paymode-X combines electronic purchase order submission, invoicing and payment settlement on a single platform.
With the new implementation, BofA aims to provide customers with more options for supplier invoice submission, including the ability to accept mail, fax and electronic invoices, as well as to automatically convert purchase orders into invoices. Paymode-X service allows customers to carry out electronic payments, invoice receipt, review and approval processes, all through Bottomline’s order-to-pay offering.
Once enrolled in the network, suppliers can receive electronic payments from their customers using the network, achieve enhanced accounts receivable processes and cash flow visibility. New features of the application include enhanced purchase order presentment and matching, invoice workflow and approval capabilities, along with the ability for buyers and their suppliers to negotiate discounts for prompt payment.
In addition to invoicing processing, Paymode-X supports BofA Merrill’s Comprehensive Payables solution, enabling ACH, ePayables (card-based payments), wire and paper cheque print services though a single file integration.
Bottomline Technologies offers collaborative payment, invoice and document automation services to corporations, financial institutions and banks. The company’s solutions are used to automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents..
Bottomline acquired PayMode from Bank of America in 2009. At that time, the two organizations entered a multi-year agreement to deliver solutions for integrated payables automation.
