Paymode-X expands AP Automation to easily pay overseas vendors
By Edlyn Cardoza
Bottomline, a provider of financial technology that makes complex business payments simple, smart, and secure, introduced expanded global payments functionality for its market-leading payments network, Paymode-X. The expansion of International Payments provides a safe, effective, and easy way for businesses to pay overseas vendors.
The expansion furthers Paymode-X’s commitment to make it simple for businesses to pay and get paid. Paymode-X can be used by clients to capture, manage, and route all payment types – B2B, B2C, domestic and international. Processing all payments securely within a single solution allows for highly- automated and efficient payments regardless of location, payment type or payee.
Paymode-X is transforming how more than 450,000 member businesses securely pay and get paid, processing more than $250B annually. “Organizations automating accounts payable realize tremendous value, including improved cash management, reduced errors and fraud prevention. Having a single payments platform for domestic and international payments helps streamline processes, control costs and increase efficiency,” said Bob Cohen, Vice President of Research, Ardent Partners. “Automating the accounts payable process is one of the largest and most significant opportunities to drive value within a finance department, and international payments are an important component of this.”
Carnival Cruise Line, a customer on the Paymode-X network, uses international payments to pay agents across the globe. Ricky Rodriguez, CPA, Director, Revenue Accounting at Carnival Cruise Line, said, “Paying organizations across the world in their preferred currency is a cornerstone to our relationships. It makes it easier on them to process our payments. Having one secure platform for digital payments, regardless of final destination, helps reduce complexity, eliminates the need for duplicative systems and provides peace of mind knowing that our payees are paid securely in their currency.”
“Paymode-X International Payments recognizes that the most efficient, effective payment platform addresses the needs of both payers and suppliers globally,” said Tom Dolan, General Manager for Paymode-X, Bottomline. “Integrating international payments within a single payment instruction file reflects work with our customers to tailor how Paymode-X can best expand its capabilities and delivers against their needs. Mid-market and enterprise businesses can pay suppliers across the globe, eliminate manual processes and ensure vendors are paid in their preferred currencies.”