Bottomline, 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.”