Embedded access to Paymode enables banks to streamline payments, reduce risk, and create new revenue opportunities
Bottomline, a global leader in business payments, has announced Paymode for Digital Banking. Paymode is Bottomline’s leading business payments network, processing over $450B annually. By embedding access to Paymode into its best-in-class commercial Digital Banking solution, Bottomline’s bank clients can now offer Paymode to their business customers in a single platform.
Bottomline’s new solution introduces the industry’s first in-app self-enrollment service for supplier payments, embedded into its commercial Digital Banking platform. This capability provides banks with an additional tool to serve their customers and creates exciting new revenue opportunities for banks and their customers.
“This next phase in digital banking, unique to both Bottomline and the banking world, will help digitize more payments for corporates as well as generate more sustainable and predictable non-interest income for banks,” said Craig Saks, CEO and President of Bottomline. “With the ease of self-enrollment coupled with our large vendor population, this new solution creates a significant opportunity for corporates and banks.”
The Digital Banking solution, used by more than 440,000 businesses, coupled with Paymode and its network of over 550,000 vendors, provides the scale necessary to truly transform how businesses pay and get paid. This new embedded solution simplifies business payments, providing enhanced remittance data and helping automate more reconciliation tasks for suppliers. It also enables payers to earn rebates on payments they already make, creating a new revenue stream. Using the secure Paymode network also reduces the risk of payment fraud.
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Now, banks can offer their corporate clients a more comprehensive payment experience, leading to increased engagement, greater wallet share, and stronger primary relationships. Matt Richardson, Head of Product Solutions at Citizens Bank, is partnering with Bottomline to offer this solution to Citizens business banking customers.
“Citizens works closely with their clients as a trusted advisor and strategic partner to make sure they have access to innovative solutions that help them achieve their goals,” said Richardson. “Paymode for Digital Banking is the next evolution of a product suite that will allow us to offer powerful capabilities to our clients to help give them an edge.”
Bottomline’s Digital Banking platform, consistently recognized with industry accolades, was most recently named the Best Overall Fintech Software by Fintech Breakthrough for its enhanced Digital Banking solution. The announcement of Paymode for Digital Banking exemplifies how Bottomline is taking digital banking and business payments transformation to the next level.
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