Bank of America and Bottomline Technologies announce a strategic relationship to advance the growth of Bank of Americas electronic network for payment and invoice automation.
Bottomline Technologies will acquire Bank of Americas PayMode product, operations and vendor network. The two companies are entering into a multi-year agreement to operate and enhance this innovative Software as a Service (SaaS) offering. In addition to continuing to market PayMode to new clients, Bank of America will retain existing PayMode client relationships and join Bottomlines Strategic Advisory Council. The bank will also have an equity interest in the company via warrants for one million Bottomline shares.
Under this agreement, Bank of America and Bottomline will deliver next generation solutions for integrated payables automation, enabling businesses to capitalize on the two organizations shared vision for automated business-to-business electronic invoice and payment processing and remittance data delivery. With 80,000 vendors, PayMode is growing business-to-business payments network. The relationship will leverage Bottomlines experience with SaaS solutions including its advanced invoice management workflow, global payment platforms and innovative cash management offerings used by leading corporations around the globe.
PayMode remains an important part of Bank of Americas electronic payments suite of solutions, says Dub Newman, global product management executive for Bank of America. This deal ensures clients will receive the same high level of service they expect from the PayMode service into the future.
After a thorough evaluation, we concluded that working with Bottomline will accelerate the growth and capability of PayMode and enable us to quickly deliver an even more compelling offering to our clients. We selected Bottomline due to its deep domain expertise, focus on financial supply chain technology and impressive order-to-pay solution set. Combining forces, we will provide even greater value to our clients.
We have entered into a very significant relationship for Bottomline, says Rob Eberle, president and CEO of Bottomline Technologies. With Bank of America, we have teamed up with a truly market-moving organization and added one of the largest vendor networks available today to our payment and invoice management solution set. We believe that this arrangement will significantly accelerate our strategic plan and business model, while firmly establishing Bottomline as a leading player in financial supply chain automation.
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