Paymode-X Surpasses 500k Vendors on Network
Customers can pay 1.3 million suppliers in extended supplier network
PORTSMOUTH, NH (October 19, 2022) – Bottomline, a leading provider of financial technology that makes complex business payments simple, smart and secure, today said it has surpassed 500,000 members on its digital B2B payments network. Businesses now can pay 500,000+ vendors digitally within Paymode-X, and over 1.3 million suppliers with its extended supplier network. Paymode-X automates the full invoice-to-pay process, dramatically reducing paper use and simplifying payments.
The network’s continued growth, up from 425,000 members in October 2021, allows more businesses to digitally pay and get paid securely. Clients use Paymode-X to capture, manage and route all payment types – B2B, B2C, domestic and international, through one payment file submission.
Paymode-X securely processes over $330 billion in payments each year. The network has also been named a “Market Leader” in the Ardent Partners 2021 ePayables Technology Advisor report.
“Our business clients appreciate the vast array of companies they can pay through U.S. Bank AP Optimizer, which leverages the Paymode-X network,” said Jeff Jones, Head of U.S. Bank Corporate Payment and Treasury Solutions. “Businesses increasingly utilize digital options to manage payments, move money faster and run their financial operations more efficiently. Bottomline continues to expand its network, adding even more value for our clients.”
“Given our history with Paymode-X, we congratulate the team on crossing the 500,000-member milestone. Businesses can pay and get paid via Paymode-X and maintain their close relationship with UMB,” said Uma Wilson, Executive Vice President, Chief Information and Product Officer at UMB. “We look forward to our continued, mutual success as we create even more ways to help businesses shift their payments from a cost burden into a revenue center.”
“Paymode-X is a market leader in our Technology Advisor report, and their significant network size is one of the reasons,” said Bob Cohen, Ardent Partners. “Congratulations to the Bottomline team for achieving the significant milestone of their B2B payments network surpassing a half million businesses who can digitally pay and get paid.”
“Reaching this vendor milestone is a great source of pride,” comments Tom Dolan, General Manager for Paymode-X, Bottomline. “It’s a true testament to the team and our customers who pay each other daily. The benefits for a Paymode-X payer start on day one, with a third to half of their suppliers already on the network. That’s previously untapped revenue that a company can add to their bottom line. This upward trajectory will continue to fuel our investment in the people and platforms that make payments happen. We look forward to welcoming the next half million businesses as more companies realize Paymode-X is the clear-cut choice for their payments network.”
Jeff Feuerstein, SVP Product Management for Paymode-X at Bottomline adds “We take a holistic view of our network. Whether you’re a buyer, a supplier, or both, our focus is on delivering value for all businesses on the network. The launch of our brand-new user experience, Paymode-X 4.0, is a great example of working with our customers to understand workflows and improve how to get their work done.”
About Bottomline Technologies
Bottomline makes business payments simple, smart and secure for businesses and financial institutions, of all sizes, all over the world. More than 10,000 corporate customers, 1,400 commercial and business banks, including 15 of the top 25 global banks, rely on our industry-recognized payment and software platforms to accelerate digital transformation in a complex world of business payments and financial management. Bottomline solutions touch customers and payments in 92 countries across six continents. Our teams serve the world from primary locations in the United States, the United Kingdom, Switzerland, Israel, India, Australia and Singapore. Bottomline is a portfolio company of Thoma Bravo, a highly respected software-centric private equity firm with $122 billion in assets under management. For more information visit www.bottomline.com.