TD Bank Taps Into FinTech For B2B Payments

TD Bank is announcing a FinTech collaboration today (Sept. 18) to enhance its corporate payment offerings.

The bank said it is integrating Paymode-X technology from Bottomline Technologies into its corporate banking offering. Together, the companies will link TD Bank business customers to Paymode-X with Visa Payables Solutions, a tool to streamline payables that supports card, ACH and check payments in the accounts payable (AP) department. The tool offers businesses greater flexibility in how they pay vendors and matches payment type to what suppliers need.

Bottomline will also deploy its Intelligent Engagement Model to facilitate customer onboarding, the companies said.

“TD Bank strives to provide our customers with the most efficient payments solutions on the market to better integrate with their systems and provide convenience,” said TD Bank’s Rick Burke, head of corporate products and services, in a statement. “Adding Paymode-X with Visa Payables Solutions to our offering not only brings a compelling economic model for our customers, but expands TD’s payment capabilities across two sizeable networks with proven success in vendor acceptance.”

This is TD Bank’s latest FinTech collaboration targeting the corporate segment.

In June, the financial institution (FI) announced a collaboration with BizEquity to deploy a company valuation service for small business (SMB) customers of the bank. That partnership allows for SMBs to obtain valuation reports from their TD Bank relationship managers, and made TD Bank the first top-10 U.S. bank to work with BizEquity.

At the same time, TD Bank has been collecting insight into corporate payment habits. In April, the bank published a survey in its “Treasury Perspectives” report, concluding that access to payments data is more important than the speed of settlement, though more than one third ranked speed as a more important feature.

“Rich data attached to payment files makes the jobs of both bankers and corporate professionals easier, so it is not surprising that so many respondents view this as vital to running more efficient operations,” said TD Bank SVP Head of Treasury Management Sales Tom Gregory in a statement at the time.