US-based Bottomline has closed the acquisition of Bora Payments Systems in a $15m cash deal.
This acquisition allows Bottomline’s Paymode-X electronic payment network vendors to leverage straight through processing (STP) as a way of accepting virtual card payments.
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By GlobalDataThe transaction adds new bank channel relationships to Paymode-X as well as capacities that bolster its virtual card programme.
This virtual card programme is a key revenue generator for Paymode-X.
Given that virtual card payments done through STP get directly processed to the vendor’s bank account and provides abundant remittance data, this process leads to savings in terms of both time and effort, besides reduced card acceptance costs for vendors, who would otherwise have to handle high volumes of virtual card payments.
Bottomline Paymode-X general manager Tom Dolan said: “For more and more customers and channel partners, the ultimate digital transformation of payables requires a comprehensive strategy for all payments—domestic, international, B2B and B2C.
“Today, however, the card payment piece of the equation can be inefficient and cumbersome. For vendors, these new STP capabilities eliminate manual processing associated with virtual cards, shorten their invoice-to-cash cycle and optimize acceptance economics.
“For payers, they help improve relationships with suppliers, providing them with more payments acceptance options that offer great efficiency and cost-effectiveness.”
