by John Daly, Assistant Treasurer, Cumberland Farms, Inc.
Bank of America’s PayMode is a payments processing and remittance delivery solution for vendor payments and employee reimbursements with robust security features. The solution increases the speed and efficiency of a client’s Accounts Payable payments by converting cheques to electronic card and ACH payments. As one of the few fully-integrated “many-to-many” networks, PayMode allows any company using PayMode to pay any enrolled supplier on the network. The PayMode network has experienced a near 100 percent vendor retention rate due to its flexibility and ease of use. Leveraging the PayMode network, Bank of America has expanded the PayMode offering to include electronic invoice receipt, routing, and processing.
Complimenting PayMode is ePayables, Bank of America’s card-based AP payments solution. Combining Paymode and ePayables, Bank of America’s Comprehensive Payments suite can process all vendor payments – including paper cheques and wire payments – in a single-file solution.
To date, more than $250bn in transactions has been processed through PayMode on its high-performance platform. New vendors are being added at the rate of approximately 2,000 per month. In the past year, transactions processed through the network have grown 42 percent and the client base – now more than 460 companies – has expanded over 40 percent.