Business paytech Bottomline adds straight through processing with Bora acquisition
Business paytech Bottomline has acquired Bora Payments Systems (BPS), providing Bottomline’s Paymode-X vendors straight through processing (STP) when accepting virtual card payments.
Paymode-X is an end-to-end automated invoice-to-pay payments solution for businesses.
The acquisition of Bora Payments Systems for $15 million adds new capabilities that improve the network’s virtual card program, an important revenue driver for Paymode-X, Bottomline says.
Virtual card payments delivered through encrypted email or via secure portal access can become costly and burdensome as virtual card payments increase, Bottomline says.
But virtual card payments made via STP are processed directly to the vendor’s bank account, cutting costs and time.
“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,” says Paymode-X, Bottomline general manager Tom Dolan.
“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 optimise acceptance economics.
“For payers, they help improve relationships with suppliers, providing them with more payments acceptance options that offer great efficiency and cost-effectiveness.”
US-based Bottomline Technologies has a market capitalisation of around $2.2 billion.