Bottomline, a provider of financial technology that makes complex business payments simple, smart and secure, announced that it has completed the acquisition of Bora Payments Systems for US$15 million in cash.
Bora Payment Systems is a B2B card payment platform specializing in Buyer-Initiated Payment processing for commercial cards.
This move enables Paymode-X vendors to utilise straight through processing (STP) as a method of accepting virtual card payments.
The combination adds new bank channel relationships to Paymode-X and capabilities that improve the network’s virtual card program.
“For more and more customers and channel partners, the ultimate digital transformation of payables requires a comprehensive strategy for all payments—domestic, international, B2B and B2C. Today, however, the card payment piece of the equation can be inefficient and cumbersome.
For vendors, these new STP capabilities eliminate manual processing associated with virtual cards, shorten their invoice-to-cash cycle and optimize acceptance economics. For payers, they help improve relationships with suppliers, providing them with more payments acceptance options that offer great efficiency and cost-effectiveness.”
said Tom Dolan, General Manager, Paymode-X, Bottomline.
This article first appeared on Fintech News Switzerland.
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