BOA Sells Automated Payment Tool
Bank of America this month announced that it is selling its PayMode payment automation tool to Bottomline Technologies, a company focused specifically on corporate payment tools.
PayMode, Bank of America's online accounts payable and vendor/payee management system, allows for automatic electronic payment to vendors, including those in the travel and entertainment sphere. Under the terms of the agreement, Bank of America still will market PayMode to its clients, and the 550 clients using the tool—which to date has processed about $300 billion in electronic transactions—can stay with the tool. The Portsmouth, N.H.-based Bottomline will provide service and support for PayMode customers and make the tool available to its own customers.
Bank of America said the sale would improve the offering through Bottomline's experience with software-as-a-service tools and its global payment platform.
"PayMode remains an important part of Bank of America's electronic payments suite of solutions," Bank of America global product management executive Dub Newman said in a statement. "After a thorough evaluation, we concluded that working with Bottomline will accelerate the growth and capability of PayMode and enable us to quickly deliver an even more compelling offering to our clients."
Bank of America expects the deal to close sometime in the next few months. Financial terms of the deal were not disclosed.