November 01, 2010

Charlotte, N.C.-based Bank of America Merrill Lynch today announced new payment and invoice processing capabilities within its supply chain and treasury solutions offering.

By incorporating Paymode-X, an all-digital online payment and invoicing system powered by Bottomline Technologies, the bank has effectively brought electronic purchase order submission, invoicing and payment settlement onto one platform, something Bank of America says will give companies better control and prediction of cash flow, reduce processing costs and strengthen relationships with suppliers.

"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," said Chris Bozek, Global Trade and Supply Chain Product executive at BofA Merrill. "These 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."

The new functionality enables client options for supplier invoice submission, such as the ability to accept mail, fax and electronic invoices. It also converts purchase orders into invoices automatically. Users are connected to Paymode-X's private network of more than 125,000 suppliers that accept electronic payments and send electronic invoices.