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.