Bank of America (BofA) and Bottomline Technologies (BT) have entered into a strategic relationship to advance the growth of former’s electronic network for payment and invoice automation. As part of the agreement, BT will acquire Bank of America’s PayMode product, operations and vendor network.
In addition to continuing to market PayMode to new clients, BofA is expected to retain existing PayMode client relationships and join Bottomline’s Strategic Advisory Council. The bank will also have an equity interest in the company via warrants for one million Bottomline shares.
The relationship is expected to leverage Bottomline’s experience with SaaS solutions including its invoice management workflow, global payment platforms and innovative cash management offerings used by corporations around the globe.
Dub Newman, executive of global product management at BofA, said: After a thorough evaluation, we concluded that working with Bottomline will accelerate the growth and capability of PayMode and enable us to quickly deliver an even more compelling offering to our clients. We selected Bottomline due to its deep domain expertise, focus on financial supply chain technology and impressive order-to-pay solution set. Combining forces, we will provide even greater value to our clients.”
Rob Eberle, president and CEO of BT, said: With Bank of America, we have teamed up with a truly market-moving organization and added one of the largest vendor networks available today to our payment and invoice management solution set. We believe that this arrangement will significantly accelerate our strategic plan and business model, while firmly establishing Bottomline as a leading player in financial supply chain automation.
US-based Bottomline Technologies provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world.
