Paymode-X Expands AP Automation to easily pay overseas vendors

Rhea-AI Summary

Bottomline Technologies (NASDAQ: EPAY) has enhanced its Paymode-X payments network, introducing expanded global payment functionality to assist businesses in processing international payments securely and efficiently. This update supports over 450,000 member businesses and facilitates payments exceeding $250 billion annually. The initiative aims to streamline accounts payable processes, improve cash management, and reduce fraud risks, benefiting clients like Carnival Cruise Line. The upgrade aligns with industry trends towards automation and efficiency in finance departments.

Positive

• Enhanced functionality of Paymode-X for international payments, supporting over 450,000 businesses.
• Facilitates processing of over $250 billion in payments annually, indicating strong network utilization.
• Automation of accounts payable processes can improve cash management and reduce fraud.

Negative

• None.

Network strengthened as all-in-one-solution for domestic and international payments

PORTSMOUTH, N.H. , Aug. 24, 2021 (GLOBE NEWSWIRE) -- Bottomline (NASDAQ: EPAY), a leading provider of financial technology that makes complex business payments simple, smart and secure, today introduced expanded global payments functionality for its market-leading payments network, Paymode-X. The expansion of International Payments provides a safe, effective and easy way for businesses to pay overseas vendors.

The expansion furthers Paymode-X’s commitment to make it simple for businesses to pay and get paid. Paymode-X can be used by clients to capture, manage and route all payment types – B2B, B2C, domestic and international. Processing all payments securely within a single solution allows for highly- automated and efficient payments regardless of location, payment type or payee.

Paymode-X is transforming how more than 450,000 member businesses securely pay and get paid, processing more than $250B annually. Paymode-X was named a “Market Leader” in the Ardent Partners 2021 ePaybables Technology Advisor report.  

“Organizations automating accounts payable realize tremendous value, including improved cash management, reduced errors and fraud prevention. Having a single payments platform for domestic and international payments helps streamline processes, control costs and increase efficiency,” said Bob Cohen, Vice President of Research, Ardent Partners. “Automating the accounts payable process is one of the largest and most significant opportunities to drive value within a finance department, and international payments are an important component of this.”

Carnival Cruise Line, a customer on the Paymode-X network, uses international payments to pay agents across the globe: “Paying organizations across the world in their preferred currency is a cornerstone to our relationships. It makes it easier on them to process our payments,” said Ricky Rodriguez, CPA, Director, Revenue Accounting at Carnival Cruise Line.   “Having one secure platform for digital payments, regardless of final destination, helps reduce complexity, eliminates the need for duplicative systems and provides peace of mind knowing that our payees are paid securely in their currency.”

“Paymode-X International Payments recognizes that the most efficient, effective payment platform addresses the needs of both payers and suppliers globally,” said Tom Dolan, General Manager for Paymode-X, Bottomline.  “Integrating international payments within a single payment instruction file reflects work with our customers to tailor how Paymode-X can best expand its capabilities and delivers against their needs.  Mid-market and enterprise businesses can pay suppliers across the globe, eliminate manual processes and ensure vendors are paid in their preferred currencies.”

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 Contacts:

John Stevens
Bottomline
pr@bottomline.com
1 (603) 501-4840

Jacqueline Powell
Bottomline
pr@bottomline.com
0044 789 4256448

FAQ

What recent updates have been made to Bottomline's Paymode-X network?

Bottomline has expanded its Paymode-X network to include enhanced global payments functionality, allowing businesses to process international payments securely.

How many businesses utilize Bottomline's Paymode-X network?

Over 450,000 member businesses use Bottomline's Paymode-X network.

What is the annual payment volume processed by Paymode-X?

Paymode-X processes more than $250 billion in payments annually.

What benefits do businesses gain from automating accounts payable through Paymode-X?

Automating accounts payable through Paymode-X can improve cash management, reduce errors, and prevent fraud.