Bank of America Merrill Lynch Introduces iPad Application for Paymode-X®
In response to the rapid evolution of paper to electronic processing, Bank of America Merrill Lynch, a leader in global treasury solutions, has introduced an iPad application for its clients utilizing the all-digital online payment and invoicing system, Paymode-X®. Using Paymode-X for iPad, executives now have real-time access to critical corporate payments information.
Frequent traveling is a way of life for most executives, and while traveling, their companies' payment and settlement cycles continue. The Paymode-X for iPad application allows executives to stay connected and informed, make decisions, and take the actions needed to ensure that their payment and settlement cycles continue to flow smoothly.
The iPad release is the most recent innovation for Paymode-X, and is the first phase of a comprehensive set of mobile capabilities that BofA Merrill, in collaboration with Bottomline Technologies, plans to bring to market.
“We're very pleased to introduce our clients to Paymode-X for iPad, which was developed in response to growing client demand,” said Kevin Phalen, head of Card and Comprehensive Payables at BofA Merrill. “It's an incredibly powerful tool, allowing businesses to remotely connect to their payments and invoicing system, and as a result, have better control, efficiency and predictability of their cash flow.”
Powered by Bottomline Technologies, Paymode-X combines electronic purchase order submission, invoicing and payment settlement on a single platform. The application connects users to a private network of more than 185,000 suppliers that accept electronic payments and send electronic invoices. In 2011, Bank of America Merrill Lynch clients processed over 88 million transactions worth more than $125 billion dollars through this leading solution.
According to Bottomline's CEO Rob Eberle, “Paymode-X for iPad is an exciting release for Bottomline and a key step forward for our customers. Executives have embraced mobile technologies in every aspect of their lives, and they require easy, secure access to critical business applications like Paymode-X. We look forward to continuing our drive for innovative settlement solutions with Bank of America Merrill Lynch.”
Paymode-X also supports BofA Merrill's Comprehensive Payables solution, enabling ACH, ePayables (card-based payments) and wire, as well as paper check print services though a single file integration.
About Bank of America Merrill Lynch Commercial Card
Bank of America Merrill Lynch is a leading provider of card solutions to large and middle market companies, globally, and to federal, state and local government entities in the United States. BofA Merrill's Commercial Card group works with these organizations to design integrated ePayments solutions that help unlock working capital while increasing efficiency, visibility and control.
As part of the Global Treasury Solutions business, BofA Merrill's Commercial Card group develops strategies and solutions that are closely aligned to the treasury goals of commercial and government entities.
BofA Merrill cardholders can be served in numerous languages and have access to a worldwide network of more than 30 million credit card merchants and ATMs.
In 2011, the bank added new card solutions in 18 countries, and by the end of 2012, it plans to offer card solutions in more than 70 countries and 25 currencies, including US Dollar. For more information regarding BofA Merrill's card solutions, please visit http://corp.bankofamerica.com/business/ci/card-solutions.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and a member of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
For more Bank of America news, visit the Bank of America newsroom.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) provides cloud-based payment, invoice and banking solutions to corporations, financial institutions and banks around the world. The company's solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust Bottomline to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit www.bottomline.com.
Reporters May Contact:
Louise Hennessy, Bank of America Merrill Lynch, 1.646.855.1403