Bottomline's Paymode-X opens access to its B2B payment network

According to the official statement, Bottomline's Paymode-X network is now open to a series of approved financial institutions and fintechs, among others - interested in boosting their payment acceptance.

Following the announcement, partners can connect to the financial technology provider’s growing network of over 550,000 authenticated and validated suppliers and, consequently, provide their payees with rebate-friendly ACH payments.

As further detailed in the official release, this new development is being offered as a network-as-a-service solution and is expected to enable fintechs and financial institutions to boost their payment networks, facilitating benefits that further deliver accounts payable (AP) automation and network expansion for their customers.

Subsequent to the announcement, payers are anticipated to digitise more of their AP files. This will purportedly result in increased automation, more rebates, and better security, leading to time saved, improved cash flow, and a reduction in risk. Similarly, by receiving more payments digitally, suppliers on the network will purportedly experience less portal fatigue, lower payment acceptance costs, and less risk.

Officials from Bottomline stated that their decision to open the payment network came as part of a greater effort to expand their connected ecosystem.

Bottomline’s strategy and past development

Bottomline, a portfolio company of Thoma Bravo, facilitates B2B payments for businesses and financial institutions of various sizes. The company serves over 10,000 corporate customers and 1,400 commercial and business banks across 92 countries and six continents.

In early 2023, the financial technology provider launched Confirmation of Payee (CoP), a fraud prevention solution for businesses that aimed to help them fight authorised push payment (APP) fraud. Later on in the year, in July, Bottomline announced the introduction of the Payer Name Verification service - an expansion of the CoP.

Also in 2023, the company revealed that its user monitoring solution Record & Replay integrated with threat detection and response platform Trellix XDR. 

Partnerships-wise, Bottomline joined forces with Knowit, a Swedish digital services provider, in a bid to help it bring solutions to the Nordic market.