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Bottomline (NASDAQ: EPAY), a leading provider of financial technology that makes complex business payments simple, smart and secure, today announced that it has completed the acquisition of Bora Payments Systems, enabling Paymode providers. X use direct processing (STP) as a method of accepting virtual card payments. The combination adds new banking channel relationships to Paymode-X and capabilities that enhance the network’s virtual card program, a major revenue driver for Paymode-X.
Today, most virtual card payments are made by encrypted email or through secure portal access. This manual task can become expensive and cumbersome as a supplier accepts higher volumes of virtual card payments from their customers. Virtual card payments made through STP are processed directly to the provider’s bank account while providing rich payout data. This translates into savings in time and effort, as well as reduced card acceptance costs, for providers with high volumes of virtual card payments.
“For more and more customers and channel partners, the ultimate digital transformation of accounts payable requires a comprehensive strategy for all payments: domestic, international, B2B and B2C,†said Tom Dolan, Managing Director, Paymode-X , Bottomline. “Today, however, the card payment equation can be inefficient and cumbersome. For sellers, these new STP capabilities eliminate the manual processing associated with virtual cards, shorten their bill-to-cash cycle, and optimize the economy of acceptance. For payers, they help improve relationships with suppliers, offering them more payment acceptance options that offer high efficiency and cost efficiency.
The transaction was structured as an asset purchase for $ 15 million in cash and is not expected to have a significant impact on financial guidance previously released by Bottomline.
