Bottomline, a leading provider of financial technology solutions, has announced its initiative to offer access to its B2B payment network for approved financial institutions, fintech companies, and other entities aiming to enhance payment acceptance. This move allows these organizations to connect their clients to a network encompassing over 550,000 authenticated and validated suppliers, according to a press release by Bottomline.
By expanding access to its payment network, Bottomline aims to provide enhanced accounts payable automation and improved payment experiences for its customers. Payers can digitize more AP transactions, saving time and improving cash flow. For suppliers integrated into the network, this means a reduction in portal fatigue, lower payment acceptance costs, and less risk.
"This marks the first time Bottomline has opened access to its Premium ACH supplier network, aligning with its mission to transform business payments," stated Bottomline in the press release.
“Bottomline’s Paymode-X is one of the largest and most established business payment networks, enabling billions of secure, compliant payments and delivering high value to its trading partner members for many years,” said Andrew Bartolini, Founder and Chief Research Officer, Ardent Partners, a leading ePayables research and advisory firm, according to a press release by Bottomline. “The decision to open the payment network to new partners creates a huge opportunity for financial institutions and technology providers alike to seamlessly deliver a market-leading payments solution and help their customers automate the last mile of their B2B transactions.”
“Opening the Bottomline business payment network recognizes the role we play in expanding a connected ecosystem,” said Craig Saks, President and CEO of Bottomline, according to a press release by Bottomline. “Transforming business payments means connecting banks and fintech partners across the system to expand the reach of their corporate payments and to offer their business customers more access to more suppliers without the additional investments required to achieve scale.”
Bottomline's initiative to expand access to its B2B payment network is expected to provide significant benefits to financial institutions, fintech companies, and other entities, as well as their clients. By embracing digital payments, suppliers on the network will experience less portal fatigue, lower payment acceptance costs, and less risk. This move aligns with Bottomline's mission to transform business payments and create a more efficient and secure payment ecosystem.