The newly introduced solution facilitates busy executives to remain connected and informed, make decisions, and take the actions needed to ensure that their payment and settlement cycles continue to flow smoothly, the US bank said.
Developed in conjugation with Bottomline Technologies, the application integrates electronic purchase order submission, invoicing and payment settlement on a single platform.
BofA Merrill card and comprehensive payables head Kevin Phalen said, "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."
Using the tool, users can connect to a private network of over 185,000 suppliers which accept electronic payments and send electronic invoices.
According to an estimate, Bank of America Merrill Lynch clients processed over 88 million transactions worth more than $125bn through the solution in 2011.
Paymode-X also supports BofA Merrill’s payables solution, thus enabling ACH, ePayables (card-based payments) and wire, as well as paper check print services through a single file integration.
Bank of America serves approximately 57 million consumer and small business relationships with almost 5,700 retail banking offices and nearly 17,250 ATMs and online banking with 30 million active users.
