Many banks struggle to keep up with the investments being made by the largest banks in corporate cash management. Delivering new capabilities that resonate with Finance and Treasury executives is critical to gain market share. Finance executives are pressured to streamline their accounts payable process and reduce costs. Often, their legacy ERP systems, paper-intensive processes, and manual workarounds aren’t up to the challenge. They need innovative payment solutions to meet their needs for automation. Forward-thinking finance departments are increasingly turning to payment networks to eliminate cost-intensive paper payments.
Through the Paymode-X payment network, banks can deliver meaningful efficiencies for their corporate customers and generate new sources of revenue at the same time. With Paymode-X, organizations of all sizes can electronically transact with one another to streamline making and receiving payments. Payers use Paymode-X to make electronic payments, mitigate fraud risk, reduce paper and labor-intensive processes, and turn a cost center into a profit center through cash rebates on purchase volume. Vendors enjoy an easy-to-use system that empowers them to streamline receivables and cash application. They can manage their online payment profile, gain visibility to upcoming payments and receive detailed electronic remittance in a format of their choice.
Benefits for Payers:
Benefits for Vendors:
Paymode-X is a cloud-based payment network that delivers prompt, secure electronic payment information to more than 360,000 participating organizations. Organizations often find that more than 30% of their trading partners are already enrolled, which accelerates their move to automated payments.
Paymode-X's proprietary Intelligent Campaigning methodology takes the burden of vendor enrollment off of the AP staff and drives the ultimate in electronic payment adoption.
By integrating with existing ERP systems and leveraging existing bank relationships, Paymode-X creates a powerful network between Payers and Vendors -- today and as business needs grow and change.