PORTSMOUTH, N.H.--(BUSINESS WIRE)--Bottomline Technologies (NASDAQ: EPAY) announced today that Paymode-X®, its business-to-business settlement network, has reached 150,000 vendors. Paymode-X customers are able to immediately realize the benefits of payment and invoice automation because many of their strategic vendors are already enrolled in the network.
Payers using Paymode-X can take advantage of invoice process automation, including receipt, review and approval, while enabling electronic payments to the 150,000 vendors on the network. By removing paper from accounts payables processes, customers can optimize their working capital through better visibility into their supply chain and cash flows, thereby reducing costs and increasing efficiencies.
When enrolled in the Paymode-X network, vendors gain access to electronic invoicing and purchase order receipt, plus the ability to receive electronic payments and rich remittance information. This functionality streamlines the reconciliation process and increases cash flow predictability.
“Reaching 150,000 vendors is an important milestone for Paymode-X,” said Rob Eberle, Bottomline’s President and CEO. “In successfully doubling the vendor community, we’ve further extended our market leadership. As a result, both the Paymode-X network and our company are well-positioned for continued strong growth.”
Automating payables processes presents significant opportunities for better cash management while allowing organizations to reduce their environmental impact. For more information on Paymode-X, visit www.Paymode-X.com.
Editorial Note: Bottomline will be exhibiting in booth #L117 at Sibos, Sept. 19-23, 2011 in Toronto. For more information or to arrange an on-site meeting, please contact Heather Bridges at hbridges@bottomline.com or visit www.bottomline.com/sibos.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world. The company’s solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust these solutions to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit www.bottomline.com.
Bottomline Technologies, Paymode-X and the Bottomline Technologies logo are trademarks of Bottomline Technologies (de), Inc. which may be registered in certain jurisdictions. All other brand/product names may be trademarks of their respective owners.
Cautionary Language
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are competition, market demand, technological change, strategic relationships, recent acquisitions, international operations and general economic conditions. For additional discussion of factors that could impact Bottomline Technologies' financial results, refer to the Company's Form 10-K for the fiscal year ended June 30, 2011 and any subsequently filed Form 10-Qs, Form 8-Ks or amendments thereto. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.