Bottomline and American Express (Amex) are making it easier for businesses to pay suppliers digitally.
The companies have connected Bottomline’s Paymode network to Amex’s Buyer Initiated Payments service through a new feature called BIP Connect.
Eligible Amex customers can use their existing BIP accounts to pay vendors enrolled in Paymode through Premium ACH.
The integration gives businesses access to Paymode’s authenticated vendor network and multi-layer fraud controls.
An Amex survey of 521 US business owners and financial decision-makers found that 90% had experienced payment errors over the past year.
About 65% said inefficient invoice and payment processes made it harder to maintain strong buyer-supplier relationships.
“Partnering with American Express is an important step forward in helping businesses modernise how they manage payments.
By integrating Paymode into BIP, we’re giving buyers access to greater control, enhanced security, and a simpler way to manage payables and receivables, while making it easier for vendors to reconcile payments and maintain visibility into their cash flow.”
said Craig Saks, CEO, Bottomline.
“Businesses continue to look for new ways to modernize supplier payments without adding complexity.
Our partnership with Bottomline allows BIP customers to get expanded access to Bottomline’s extensive network of B2B suppliers, while also providing working capital flexibility and control.”
said Widad Chaoui, Senior Vice President and General Manager, Corporate and B2B Products, Amex.
Featured image: Edited by Fintech News Singapore, based on image by NovelHQ via Magnific
