UMB Partners with Bottomline Technologies to Offer New Payables Solution
Streamlined service delivers integrated payables capabilities to Bank’s commercial customers
PORTSMOUTH, NH (February 20, 2019) – Bottomline Technologies (NASDAQ: EPAY), a leading provider of financial technology that helps make business payments simple, smart and secure, and U.S.-based financial services company UMB Financial Corporation (NASDAQ: UMBF), today announced a partnership that will allow UMB to offer Bottomline’s Paymode-X with Visa Payables Solutions to its U.S. commercial customers.
“Our partnership with Bottomline Technologies is another exciting alignment with a cutting-edge technology provider to offer best-in-class solutions to managing supplier payments such as check issuance, ACH systems and virtual cards,” said Uma Wilson, executive vice president and director of product management at UMB. “UMB is focused on providing solutions to our clients, and Paymode-X will allow us to build on existing partnerships to provide the best possible customer experience.”
This service from Bottomline will help UMB’s commercial customers automate costly, manual payment processes by providing access to streamlined integrated payables capabilities all through the secure Paymode-X network, and vendor enablement services. Integrated payables will allow businesses to process all payment types including virtual card, ACH and check in a single payment file.
“Our collaboration with Bottomline enables us to bring our financial-institution clients best-in-class solutions to meet their commercial clients’ needs,” said Taira Hall, vice president, U.S. partnerships and new initiatives, Visa Business Solutions, Visa. “We are excited to help bring to market safe, secure and fast accounts payable functionality and grow acceptance of Visa commercial cards and virtual B2B payment capabilities.”
Bottomline’s Paymode-X benefits to UMB's commercial customers include reduced accounts payable (AP) costs, improved security, visibility, process efficiency, optimized payment routing, and financial returns in the form of rebates. The solution will help maximize financial returns and improve vendor relationships for UMB’s customers.
“Commercial card growth is a priority for UMB Bank and offering Paymode-X with Visa Payables Solutions will help us continue our success in this area,” said Brian Hutchin, executive vice president, director of treasury and commercial card sales at UMB Bank. “This new partnership will help our clients streamline and secure their payables processes with the best available technology and network.”
Additionally, UMB’s commercial customers will benefit from Paymode-X’s network of more than 400,000 member businesses and its Intelligent Engagement Model, which accelerates AP automation by using predictive analytics to enroll vendors for commercial card and ACH payments more quickly.
“We’re proud to be selected by UMB,” said Rob Eberle, president & CEO, Bottomline Technologies. “We look forward to working with UMB to deliver the market-leading business payment capabilities with Paymode-X to their many commercial customers.”
UMB expects to begin offering Paymode-X with Visa Payables Solutions to customers in 2Q 2019.
About UMB Bank:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Mo. UMB offers personal banking, commercial banking, healthcare services and institutional banking, which includes services to mutual funds and alternative-investment entities and investment advisory firms. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. For more information, visit UMB.com, UMB Blog or follow us on Twitter at @UMBBank, UMB Facebook and UMB LinkedIn.
About Bottomline Technologies:
Bottomline Technologies (NASDAQ: EPAY) helps make complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioral analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the U.S., Europe, and Asia-Pacific. For more information visit www.bottomline.com.
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