RBS Paymode-X Helps Companies Realize Revenues from Traditional Cost Centers
RBS Transaction Services Americas is launching RBS Paymode-X, a new electronic payables solution for its corporate banking clients. RBS Paymode-X helps clients to source a new stream of revenue from their accounts payables while also generating cost savings and operating efficiencies. RBS has partnered with Bottomline Technologies to provide clients with industry leading payment automation capabilities through their Paymode-X platform. Paymode-X is a settlement network with more than 230,000 global members exchanging electronic payments, remittance advices and invoices.
RBS Paymode-X helps companies convert from costly paper-based payments to electronic payments quickly and easily. Vendors enjoy faster access to cash and a streamlined receivables process. New clients gain immediate access to members of Paymode-X’s large global network, with to date more than 3,000 new suppliers enrolling each month.
“Today’s Treasurers are looking for ways to increase efficiencies and improve their bottom line, and RBS Paymode-X provides both,” said Paul Thwaite, Head of Transaction Services Americas at RBS. “In addition to generating revenue and helping create better relationships with suppliers, we believe RBS Paymode-X will help clients see measurable benefits across multiple departments and functions.”
Some of the benefits include:
- Treasurers can optimize working capital, as well as increase their cash visibility and forecast accuracy
- Accounts Payable can improve performance metrics and mitigate the risk of error and fraud
- Purchasing can help better manage spend and improve vendor relationships
- IT can support e-Payments with minimum resources
RBS Paymode-X’s turn-key solution allows users to simply log in to a secure site to set up or change account information and initiate payments. Once a client provides a payment file from their ERP, RBS Paymode-X initiates the debiting and crediting of the proper bank accounts and sends e-remittance detail to their suppliers.
“It’s easy – delivered as a highly secure, web-based solution, RBS Paymode-X easily integrates into clients’ existing systems and allows desktop access for authenticated users. The on-boarding process is fully facilitated by our team of experts, making for a smooth transition,” said Rick Lewis, Head of International Cash Management Product, Americas.
About RBS Transaction Services
RBS Transaction Services delivers international and domestic banking services to enable clients to transact efficiently with their customers, suppliers and counterparties – helping corporations make and receive payments as well as control cash flow. Our services allow organizations to accelerate their supply chains, manage operating and regulatory risk, and best utilize their working capital. RBS provides financial institutions with global clearing capabilities, transaction processing and industry-leading solutions, to help them serve their customers and achieve scale and efficiency. We also support public-sector organizations so they can deliver services efficiently and cost effectively through our transaction processing and payment & collection solutions. Taking advantage of our market expertise in FX and our Corporate Coverage knowledge, our broader capabilities in conjunction with our transaction services solutions and global reach make RBS a key partner for our clients.