B2B Payments

BNY Mellon Nabs Massive B2B Payments Network

When it comes to corporate banking, many businesses want their banks to act as a support system for their financing needs. This includes providing not only the working capital businesses need to operate but the financial services needed to stay on top of their game in managing finances.

Bank of New York Mellon has just revealed a new partnership that it said will help B2B companies access a massive ePayments network that not only boosts payment speed but provides support in their shift from manual to electronic payments and billing.

BNY Mellon announced Wednesday (Sept. 16) that, thanks to a new partnership with Bottomline Technologies, the bank has now onboarded one of the world’s largest B2B payment networks.

BNY Mellon will now integrate Bottomline’s Paymode-X payment network into its corporate treasury services suite, a venture that the bank said will help its corporate customers make the shift from paper invoicing to electronic payments.

[bctt tweet=”BNY Mellon to integrate Bottomline’s Paymode-X payment network into corporate treasury services suite.”]

“The distinguishing characteristics of the Paymode-X network — its size, security of payment and account information, ease of vendor onboarding and detailed electronic remittance delivery — make it a perfect fit for our payment solutions portfolio,” said BNY Mellon Treasury Services Managing Director and Global Head of Business Strategy and Market Solutions Anthony Brady in a statement.

According to reports, Paymode-X’s network includes more than 300,000 members.

Brady added that the partnership will also help businesses access more robust solutions for their accounts payable and accounts receivable operations. “Migrating from paper to electronic payments is key to improving payment efficiency, and Paymode-X will significantly enhance our support for clients making that transition,” he said.

BNY Mellon said that it plans to feature the new service at the Association for Financial Professionals Conference to be held next month.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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