RBS and RBS Citizens Select Paymode-X® to Expand Domestic and International Treasury Management Product Offerings
Bottomline Technologies (NASDAQ: EPAY), The Royal Bank of Scotland N.V. (RBS) and RBS Citizens, N.A. have formed a new partnership in the payments space, Bottomline announced today. With this agreement, RBS and RBS Citizens select Bottomline’s Paymode-X® settlement network as a technology solution to expand the banks’ treasury management offerings both domestically and around the globe. Paymode-X enables financial institutions to offer comprehensive payables solutions for their corporate customers to convert their paper-based payments to electronic payments quickly and easily.
RBS is a leading bank partner to major corporations, financial institutions, government and public sector clients around the world. RBS Transaction Services delivers international and domestic banking services that clients need to transact efficiently with their customers, suppliers, and counterparties – helping clients make and receive payments and control cash flow. This support allows organizations to accelerate their supply chains, manage operating and regulatory risk, and best utilize their working capital.
RBS Citizens, N.A. is a subsidiary of RBS Citizens Financial Group, Inc., a $128-billion commercial bank holding company. As part of RBS Citizens Financial Group in the U.S., the RBS Citizens Treasury Solutions organization provides transaction banking services including cash management, commercial card, and trade finance services to most major industry segments as well as professional services firms to meet their corporate treasury needs.
Paymode-X is a settlement network with more than 200,000 global members exchanging electronic payments, remittance advices and invoices. With Paymode-X, payers can accelerate the conversion of paper to electronic payables and optimize working capital. Vendors enjoy faster access to cash and a streamlined receivables process.
“We are delighted to be a solution partner to RBS and RBS Citizens,” said Rob Eberle, Bottomline’s President and CEO. “We believe that Paymode-X is the future of business payments and that strategic partnerships such as this one will help us continue to revolutionize and lead the payables market.”
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