According to the financial services provider, additions will be made to Paymode-X, an online system provided by IT vendor Bottomline Technologies.
Changes to the solution include improvements in efficiency to workflow and approval processes and enhanced purchase order presentation as well as giving buyers and clients the opportunity to negotiate for discounts following quick payments.
Chris Bozek, Global Trade and Supply Chain Product executive at BofA Merrill, said: âPaymode-X has a proven track record of providing an efficient and secure environment for companies to exchange invoices and payment and remittance data electronically to more than 125,000 vendors.
âThese enhancements will give our clients an even more efficient online application to eliminate paper processing and drive a more efficient supply chain, allowing them to optimize working capital, reduce costs and strengthen controls.â
BofA explained that the additions to the service can be implemented on their own or in conjunction with the firmâs Comprehensive Payables solution.
Users of the Payment-X service are connected to a network of 125,000 suppliers and buyers who make payments and invoice electronically.
By Jim Ottewill