Bottomline Technologies Partners With Bank of America for Electronic Payment and Invoice Automation Network
Bank of America and Bottomline Technologies, a provider of collaborative payment, invoice and document automation solutions, have formed a strategic relationship to expand the bank's electronic network for payment and invoice automation. Bottomline has said that it will acquire Bank of America's PayMode product, operations and vendor network. The two companies are entering into a multi-year agreement to operate and enhance this SaaS offering. In addition to continuing to market PayMode to new clients, Bank of America will retain existing PayMode client relationships and join Bottomline's strategic advisory council. The bank will also have an equity interest in the company via warrants for one million Bottomline shares, Bottomline added.
Under this agreement, Bank of America and the company will deliver solutions for integrated payables automation, enabling businesses to capitalise on the two organisations' shared vision for automated business-to-business electronic invoice and payment processing and remittance data delivery. Dub Newman, global product management executive of Bank of America, said "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."
