In an attempt to get on board with electronic processing, Bank of America Merrill Lynch has introduced an iPad application for its clients utilizing the all-digital online payment and invoicing system, Paymode-X (see press release). The Paymode-X for iPad application allows executives to stay connected and informed, make decisions, and respond accordingly. Powered by Bottomline Technologies, Paymode-X combines electronic purchase order submission, invoicing and payment settlement on a single platform. The application connects users to a private network of around 185,000 suppliers that accept electronic payments and send electronic invoices. In 2011, Bank of America Merrill Lynch clients processed around 88 million transactions worth approximately USD125 billion dollars through this solution.
Bank of America Merrill Lynch is planning to launch further mobile capabilities in collaboration with Bottomline Technologies. Paymode-X also supports Bank of America Merrill Lynch’s payables solution, enabling ACH, ePayables (card-based payments) and wire, as well as paper check print services.