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Bank of America Merrill Lynch Offering New Capabilities for Payment and Invoice Processing

^{Published on 2010-11-02 00:40:17 - Market Wire}
 

CHARLOTTE, N.C.--([ BUSINESS WIRE ])--Bank of America Merrill Lynch (NYSE: BAC) today announced that the expanded capabilities for Paymode-Xa", the all-digital online payment and invoicing system powered by Bottomline Technologies (NASDAQ: EPAY), are now part of the banka™s supply chain and treasury solutions offering.

"Paymode-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"

Combining electronic purchase order submission, invoicing and payment settlement on a single platform, Paymode-X enables companies to better control and predict their cash flow, reduce processing costs and strengthen relationships with suppliers. New features include enhanced purchase order presentment and matching, more efficient invoice workflow and approval capabilities, along with the ability for buyers and their suppliers to negotiate discounts for prompt payment.

Clients will have more options for supplier invoice submission, including the ability to accept mail, fax and electronic invoices, as well as automatically convert purchase orders into invoices. These new enhancements can be implemented separately or combined with BofA Merrilla™s Comprehensive Payables product to achieve a fully integrated, end-to-end purchase order to payment solution.

aPaymode-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,a said Chris Bozek, Global Trade and Supply Chain Product executive at BofA Merrill. aThese 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. Through our relationship with Bottomline Technologies, we continue to collaborate on product innovations and deliver them to our clients.a

Paymode-X connects users to a private network of more than 125,000 suppliers that accept electronic payments and send electronic invoices. The size and scale of this network, combined with a proven strategic vendor onboarding program, enables companies to rapidly convert suppliers to electronic invoice and payment processing, helping them to transform their order-to-pay process.

In addition to invoicing processing, Paymode-X supports BofA Merrilla™s Comprehensive Payables solution, enabling ACH, ePayables (card-based payments), wire and paper check print services though a single file integration. This comprehensive payment program ensures clients have the most effective products available to meet their evolving payment needs.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,900 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. [ www.bankofamerica.com ].

Bottomline Technologies

Bottomline Technologies (NASDAQ: EPAY) provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world. The companya™s solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust these solutions to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit [ www.bottomline.com ].