UMB Financial Corporation is teaming up with Bottomline Technologies to integrate an accounts payable management offering for corporate customers.
In a press release sent to PYMNTS, the companies announced Wednesday (Feb. 20) that UMB will begin offering Bottomline’s Paymode-X solution, integrated with Visa Payables, for business customers, allowing companies to pay their own suppliers with virtual cards as well as checks and ACH.
Companies using the solution can process all of their payments across virtual cards, ACH and checks through a single payment file. The companies said their collaboration can yield lower accounts payable costs, heightened security and transparency, optimized payment routing, faster payment discounts, and overall accounts payable efficiencies.
Business customers of the bank will also gain access to the Paymode-X network of 400,000 member companies, as well as the solution’s Intelligent Engagement Model, which integrates predictive analytics for streamlined vendor enrollment to accept ACH and card payments.
UMB will roll out the Paymode-X offering in the second quarter of the year, the firms said.
In a statement, UMB executive vice president and director of product management Uma Wilson said the partnership “will allow us to build on existing partnerships to provide the best possible customer experience.”
“We are excited to help bring to market safe, secure and fast accounts payable functionality and grow acceptance of Visa commercial cards and virtual B2B payment capabilities,” added Taira Hall, Visa Business Solutions vice president, U.S. partnerships and new initiatives, in another statement.
UMB Bank Executive Vice president, Director of Treasury and Commercial Card Sales Brian Hutchin said that promoting use of commercial cards is a “priority” for the company, and working with Bottomline helps to fuel card adoption in accounts payable.
Last year UMB announced another partnership with U.K.-based Fraedom, integrating its corporate payments, commercial card and expense management solutions for business customers.