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Paymode-X Payment Network for Banks

Provide clients with access to a secure, cloud-based payment network for businesses to help them quickly automate payments and transform their AP departments into profit centers.


Anchor: Overview

The Challenge

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.

Our Solution

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.

Anchor: Resources

Video

Vendors Connect Payments Faster with Paymode-X

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Wentworth-Douglass Testimonial

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Paymode-X with Visa Payables Solutions

Anchor: Benefits

Benefits

  • Help corporate customers move from costly checks to electronic B2B payments
  • Ensure client satisfaction by leveraging Paymode-X’s proven technology and proprietary Vendor onboarding services
  • Create new revenue stream with Paymode-X business model

Benefits for Payers:

  • Convert costly, fraud-prone paper checks to secure ACH payments
  • Rely on the power of the Paymode-X network and its vendor onboarding methodology to drive maximum electronic payment adoption without burdening AP staff
  • Eliminate the risk of validating and storing Vendor bank account details in-house
  • Satisfy Vendor requests for electronic payments and detailed remittance
  • Earn cash rebates on ACH spend

Benefits for Vendors:

  • Receive fast, secure electronic payments instead of paper checks
  • Get detailed remittance in a variety of formats
  • Maintain bank account information within the secure Paymode-X portal and keep details hidden from Payer view
  • Electronically exchange key business documentation with clients including W-9s and insurance documents
  • Monitor, track, and report on payments and trading relationships
corporate customers
Anchor: Functionality
cloud based payment

Functionality

Paymode-X is a cloud-based payment network that delivers prompt, secure electronic payment information to more than 330,000 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.

Anchor: Testimonial

Customer Testimonials

"We had been receiving ACH payments through Paymode-X and knew it to be valuable from a vendor’s perspective. This was a key factor that led us to choosing Paymode-X to convert our AP checks to electronic payments. Our vendor onboarding campaign is now underway, and is exactly what we wanted. We’re moving away from paper…It’s very exciting! "
Shelly Whiting, Director of Accounting, Compass Minerals
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