A financial technology provider, Bottomline, recently launched a payment function that provides safe transactions between businesses and their vendors in overseas locations.
Paymode-X will help over 450,000 member businesses pay overseas vendors and can be used for all payment types, including business-to-business and international, IBS Intelligence reported.
"Organizations automating accounts payable realize tremendous value, including improved cash management, reduced errors and fraud prevention," Ardent Partners Vice President of Research Bob Cohen said. "Having a single payments platform for domestic and international payments helps streamline processes, control costs and increase efficiency. Automating the accounts payable process is one of the largest and most significant opportunities to drive value within a finance department, and international payments are an important component of this."
According to IBS Intelligence, Carnival Cruise is one Paymode-X user, leveraging the software to pay travel agents.
"Paying organizations across the world in their preferred currency is a cornerstone to our relationship," Ricky Rodriguez, a certified public accountant and the director of revenue and accounting at Carnival Cruise Line said. "It makes it easier on them to process our payments. Having one secure platform for digital payments, regardless of final destination, helps reduce complexity, eliminates the need for duplicative systems and provides peace of mind knowing that our payees are paid securely in their currency.”
Headquartered in Portsmouth, New Hampshire, Bottomline's payment technology helps over 92 countries across the globe with 1,200 banks and institutions using the company's payment systems. The organization has over 2,000 employees in 25 officers around the world, according to Bottomline's website.
“Paymode-X International Payments recognizes that the most efficient, effective payment platform addresses the needs of both payers and suppliers globally,” Tom Dolan, general manager for Paymode-X said. “Integrating international payments within a single payment instruction file reflects work with our customers to tailor how Paymode-X can best expand its capabilities and delivers against their needs. Mid-market and enterprise businesses can pay suppliers across the globe, eliminate manual processes and ensure vendors are paid in their preferred currencies.”