Signalling its intention to extend its reach in the
business-to-business (B2B) payments and invoice automation market,
Bank of America (BoA) has forged a strategic alliance with US B2B
payment and invoice automation specialist Bottomline Technologies.
Central to the alliance is BoA’s sale of PayMode, its B2B
software-as-a-service (SaaS) unit, to Bottomline for $17 million
plus warrants for 1 million Bottomline shares.
“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,” explained Dub Newman, global product management
executive for BoA.
Go deeper with GlobalData
“We selected Bottomline due to its deep domain expertise, focus on
financial supply chain technology and impressive order-to-pay
solution set.”
Launched in March 2008 PayMode has been adopted by 550 BoA
corporate clients for payables automation with a total of 80,000 of
the clients’ suppliers receiving electronic payments and remittance
data. Since launch about $300 billion in electronic transactions
have been processed by PayMode.
Commenting on the BoA alliance, Rob Eberle, Bottomline’s president
and CEO said: “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.”
Founded in 1989, Bottomline operates in the US, Europe and
Asia-Pacific regions. With more than 9,000 customers, including 80
Fortune 100 companies and 70 of the largest 100 listed companies in
the UK, the company brings with it significant scale. Big-name
customers include Aviva, the UK’s largest insurer, and Deutsche
Bank, Germany’s largest bank.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataUnderscoring BoA’s selection of Bottomline have been notable
accolades from research firms including Celent which in an
evaluation of online cash management solutions in July this year
termed Bottomline a “payments powerhouse.”
Celent highlighted Bottomline’s WebSeries Global Cash Management
platform for its performance and reliability, attributes that
Celent believes are “a must when dealing with large banks with high
transaction volumes.” Celent added that Bottomline is one of few
vendors possessing international experience and exposure.
Celent’s accolade followed that of Aite Group’s award in April of a
best-in-class ranking to Bottomline’s global cash management.
