Bottomline and American Express have teamed up to enhance digital B2B payment connectivity with the integration of Paymode into American Express Buyer Initiated Payments (BIP). With the new capability, BIP Connect, eligible customers can tap Premium ACH vendors via the Paymode network. This enables both Bottomline and American Express to speed digital payments adoption and streamline supplier payments. Bottomline and American Express also seek to improve payment efficiency and strengthen buyer-supplier relationships across industries.
The partnership combines American Express Buyer Initiated Payments with Bottomline’s secure Paymode network. BIP enables buyers to send electronic payments directly to suppliers, rather than paper checks or standard ACH transactions. American Express also uses its direct relationships with suppliers to maximize working capital flexibility for both buyers and vendors. As a result, businesses can transact through a more connected and efficient payment ecosystem.”
Payment automation in growing demand, new Amex Trendex data reveals. The survey reveals that 67% of financial decision makers feel payment inefficiencies are holding their organizations back from achieving their full potential. Fragmented vendor networks and manual payment processes also continue to reduce visibility and control into operations. So Bottomline and American Express built this integration to help businesses tackle these long standing challenges.
BIP Connect Broadens Digital Payment Reach
With BIP Connect eligible American Express customers can connect with a large network of authenticated and verified vendors in various industries. The sectors are manufacturing, healthcare, commercial real estate and higher education. And, businesses can connect to vendors already enrolled in the secure Paymode network. This helps organizations reduce their administrative burden and facilitate faster and more reliable digital payments.
Amex Trendex research also found that 90% of the financial decision-makers surveyed said they experienced payment errors in the past year. Meanwhile, 65 percent said that invoice and payment inefficiencies eroded buyer-supplier relationships. But the secure Paymode network helps to ease these concerns, by enabling transactions with enrolled and authenticated vendors who are already accepting digital payments. This not only helps businesses improve payment accuracy, but also creates more predictable financial operations.
Eligible businesses can still use their existing American Express BIP accounts to pay suppliers. At the same time, vendors are paid through Premium ACH by Paymode. Buyers get better working capital flexibility and suppliers get a more transparent, data-driven experience for payments.
“Partnering with American Express is an important step forward in helping businesses modernize how they manage payments,” said Craig Saks, CEO, Bottomline. “By integrating Paymode into BIP, we’re giving buyers access to greater control, enhanced security, and a simpler way to manage payables and receivables, while making it easier for vendors to reconcile payments and maintain visibility into their cash flow.”
The integration also provides eligible American Express BIP customers with secure and authenticated transactions backed by Paymode’s multi-layer fraud controls. Furthermore, customers benefit from a consistent user experience and seamless access to Bottomline’s trusted vendor network.
“Businesses continue to look for new ways to modernize supplier payments without adding complexity,” said Widad Chaoui, Senior Vice President and General Manager, Corporate and B2B Products, American Express. “Our partnership with Bottomline allows BIP customers to get expanded access to Bottomline’s extensive network of B2B suppliers, while also providing working capital flexibility and control.”
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News Source: GlobeNewswire.com
