Bottomline Technologies recently announced the launch of Paymode-X, its electronic order-to-pay network for business. The new Paymode-X represents the combination of Bottomline's electronic settlement network (formerly PayMode) and electronic invoicing solution (formerly Bottomline Business eXchange).
Combining payments and invoicing into a single platform means organizations can now turn to Paymode-X for financial supply chain automation. Purchase order distribution, invoice presentment, matching, general ledger coding, approval, purchase order "flip," prompt pay or dynamic discounting, payment processing, and remittance data delivery capabilities can all be accessed from one platform using a single sign-on.
The Paymode-X network encompasses more than 100,000 companies. The size of the network provides companies with an immediate solution to the traditional obstacles to adopting electronic payment and invoicing processes. The size of the Paymode-X network means that more than a third of each new customer's most important suppliers are likely already enrolled and able to receive electronic payments, according to the company. Paymode-X's Software as a Service (SaaS) model also is designed to ease implementation and service burdens and bring a rapid investment return.
"When we acquired PayMode, our vision was to take the customer set, channel partners, and supplier network and combine those with our Business eXchange technology", said Rob Eberle, Bottomline's president and CEO. "We've completed this ahead of schedule and look forward to offering the new Paymode-X platform with its next generation capabilities to our current and future customers and channel partners."
Transitioning from paper to electronic processes with Paymode-X reduces costs, increases efficiencies, and optimizes working capital. Additionally, corporations, banks, and other financial institutions are increasingly turning to electronic payments and invoicing as a way to reduce paper usage and environmental impact.
To spread awareness and provide more information about the order-to-pay features of Paymode-X, Bottomline has launched a related Web site, created a Paymode-X user group on LinkedIn, and is tweeting about product developments (@paymodex) on Twitter. For more information, visit www.paymode-x.com.
Calculate the environmental savings
To help raise awareness of the environmental benefits achieved by transitioning from paper to electronic processing, Bottomline has created a green savings calculator, available at www.paymode-x.com/About-Us/Think-Green.
About Bottomline Technologies:
Bottomline Technologies provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world. The company's solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust these solutions to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific.