Bottomline Announces Acquisition of Bora Payment Systems

Rhea-AI Summary

Bottomline (NASDAQ: EPAY) announced the acquisition of Bora Payments Systems for $15 million, enhancing the Paymode-X network with straight through processing (STP) capabilities for virtual card payments.

This strategic move aims to streamline payment processes, enabling vendors to receive payments directly to their bank accounts, thereby reducing costs and improving efficiency. The acquisition is not expected to materially impact Bottomline's financial guidance, emphasizing its focus on optimizing payment solutions for businesses.

Positive

• Acquisition of Bora Payments Systems enhances Paymode-X with STP capabilities for virtual card payments.
• Reduces manual processing and costs for vendors handling high volumes of virtual card payments.
• Expected to improve vendor relationships and payment efficiency.

Negative

• None.

Straight through processing capabilities added to Paymode-X Network

PORTSMOUTH, N.H. , Nov. 09, 2021 (GLOBE NEWSWIRE) -- Bottomline (NASDAQ: EPAY), a leading provider of financial technology that makes complex business payments simple, smart and secure, today announced that it has completed the acquisition of Bora Payments Systems, enabling Paymode-X vendors to utilize straight through processing (STP) as a method of accepting virtual card payments. The combination adds new bank channel relationships to Paymode-X and capabilities that improve the network’s virtual card program, 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 results in savings of both time and effort, as well as reduced card acceptance costs, for vendors with high volumes of virtual card payments.

“For more and more customers and channel partners, the ultimate digital transformation of payables requires a comprehensive strategy for all payments—domestic, international, B2B and B2C,” said Tom Dolan, General Manager, Paymode-X, Bottomline. “Today, however, the card payment piece of the equation can be inefficient and cumbersome. For vendors, these new STP capabilities eliminate manual processing associated with virtual cards, shorten their invoice-to-cash cycle and optimize acceptance economics. For payers, they help improve relationships with suppliers, providing them with more payments acceptance options that offer great efficiency and cost-effectiveness.”

The transaction was structured as an asset purchase for $15 million in cash, and is not expected to have any material impact on Bottomline’s previously issued financial guidance.

About Bottomline:
Bottomline (NASDAQ: EPAY) makes complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioral analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the U.S., Europe, and Asia-Pacific. For more information visit www.bottomline.com.

Media Contact:

John Stevens
Bottomline
pr@bottomline.com
1 (978) 914-0735

Jacqueline Powell
Bottomline
pr@bottomline.com
0044 789 4256448

FAQ

What is the significance of the Bora Payments Systems acquisition for EPAY?

The acquisition enhances the Paymode-X network with straight through processing capabilities, streamlining virtual card payments for vendors.

How much did Bottomline pay for Bora Payments Systems?

Bottomline acquired Bora Payments Systems for $15 million in cash.

Will the acquisition of Bora Payments Systems impact EPAY's financial guidance?

The acquisition is not expected to have a material impact on Bottomline's previously issued financial guidance.

What benefits does straight through processing provide to vendors in the Paymode-X network?

STP allows vendors to accept payments directly to their bank accounts, reducing processing times and costs associated with virtual card payments.