Bank of America Merrill Lynch today launched a new iPad app to for its Paymode X corporate digital payments and invoicing system that will allow executives to keep track of all of their payment and settlement information at all times with their tablets. The bank called the app the first in a series of mobile additions that it plans to make to the Paymode X system.
The new app provides mobile payment services such as electronic purchase order submission, invoicing and payment settlement. Executives will be able to access all of those services from a single platform using the app while they are traveling or going from meeting to meeting.
The app was developed in response to growing customer demand, Kevin Phalen, head of Bank of America Merrill Lynch's Card and Comprehensive Payables team, said in a statement. "It's an incredibly powerful tool, allowing businesses to remotely connect to their payment and invoicing system, and as a result, have better control, efficiency and predictability of their cash flow," Phalen added.
Bank of America Merrill Lynch (headquartered in New York, NY) said that its clients processed over 88 million transactions in 2011 with Paymode X worth more than $125 billion. The app, developed in collaboration with Bottomline Technologies (based in Portsmouth, N.H.), also provides mobile access to Paymode X's private network of suppliers that take and send electronic payments with the system.
"Executives have embraced mobile technologies in every aspect of their lives, and they require easy, secure access to critical business applications like Payment X," said Bottomline Technologies' CEO Rob Eberle.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio