Paymode, Bottomline’s business payments network, recently hit the milestone of 600,000 businesses sending and receiving payments to the tune of $500B annually.
Reaching this milestone prompted us to reflect on Paymode’s history and exciting future. Let’s explore the network’s origins and how we see it developing as digital payments continue to boom.
Connecting for Speed and Security
Like all successful financial digital networks, Paymode solves the logistical problem of connecting payers and suppliers online, all while adding significant value to the process. Digital payments are inherently faster and less costly than paper checks, and Paymode authenticates those payments on both sides of the ‘closed-loop’ transaction to ensure security. Our Premium ACH offering is also unique for the payment method, providing rebates that create an extra revenue stream for businesses.
Paymode’s size and scale are now such that over 600,000 businesses are enrolled in Paymode, including 90 out of the Fortune 100 companies. This means a new business joining the network, as a payer, can expect around 50% of their vendors to already be enrolled. That translates to instant impact in terms of time and cost savings, plus considerable rebate potential.
Trusted at Scale
The most important aspect of the Paymode network is the trust that each individual member has in its effectiveness and security, which creates cumulative benefits for every one of those businesses.
Because we have authenticated the identity and bank account details of every vendor on Paymode during our strict onboarding process, we can ensure rapid payment regardless of the bank they use. We look at over 300 data points to validate every business before they join to help safeguard against fraud on the network.
Paymode also plays an important role in housing sensitive customer data for businesses. We take on the responsibility of safeguarding bank account information and managing record retention – a key benefit that removes risk and a regulatory burden from businesses. This customer data is always encrypted, with further access controls and audit trails in place to protect it. We leverage modern technologies, behavioral analytics, and human intervention to detect anomalies and help prevent unauthorized access attempts.
Many of the largest US banks trust Bottomline and use Paymode, its systems, and its policies. Our goal is to ensure that every customer can be assured that our standards are absolutely the highest in the industry.
Shaping a New Payments Future
Paymode has demonstrated consistent growth over the years, thanks to a combination of factors. There’s the speed, simplicity, and security of our digital payments technology. In addition, the value we provide to payers by cutting operational costs, eliminating cumbersome processes, and offering rebates on both virtual card and Premium ACH has made us the choice for over 600,000 businesses.
Paymode also brings significant value to the vendors on the network. By providing digital payments and remittance delivery, vendors get faster, more secure payments, as well as the data they need to simplify reconciliation and reduce errors, ultimately reducing their time to cash.
And we’re just getting started. The network is constantly expanding, with roughly 3,000 new vendors joining Paymode every month, resulting in us processing $500B in payments in the past 12 months. We’ve also enhanced our product interface and mobile app to create a more intuitive and user-friendly experience, making it easier to send and receive payments and add new business relationships on the network.
Right now, we are innovating with new features and functionality that increase the value members get from the network. Over the past year, we’ve begun embedding our payments capabilities into other technology companies such as Coupa and JAGGAER so that more payers and ultimately vendors can benefit from Paymode.
Paymode is a core part of Bottomline’s strategy, built to simplify and secure payments as businesses and their needs evolve. We’re excited to celebrate new milestones and embrace the future of payments. Connecting 600,000 businesses is just the beginning!