Bottomline Technologies built up its presence in payments automation platforms
In a competitive commercial payments space, companies are increasingly offering their products with integration with other suitable services to widen their market base.
New Hampshire-based payments technology firm, Bottomline Technologies has forged two different partnerships with payments automation companies namely Billtrust and Autobooks.
In the former, Bottomline Technologies has partnered with Billtrust which is a B2B account receivable automation company. Under this partnership, the company will connect its Paymode-X payers to a new card acceptance via Billtrust’s Business Payments Network (BPN).
Billtrust had announced last year its Business Payments Network (BNP) 3.0 which added support for Automated Clearing House (ACH) and wire transactions. Bottomline clients would now be able to use BNP’s connected platform of suppliers to send and receive digital payments through BNP’s digital lockbox while the press release also noted that this will help clients to reduce processing time and cost as they continue their migration from legacy payment types.
“Enabling complex buyer and supplier needs to accommodate all secure, digital payments includes adding interoperability with partner networks”, said Rob Eberle, CEO at Bottomline Technologies.
In the latter, Bottomline has partnered with Detroit-based banking solution company, Autobook. In this partnership, Autobook’s invoicing, receivables and accounting tools will be combined with Bottomline’s Digital Banking IQ platform which according to the press release says will enable financial institutions (FIs) to provide a digital and comprehensive suite of integrated payments and cash lifecycle solutions that is developed for the small businesses.
“Addressing the fragmentation, friction, and excessive complexity in financial management for small businesses is an enormous opportunity for any financial institution,” said Norm DeLuca, Managing Director, Banking Solutions, Bottomline.
Under this partnership, both companies will use each other’s technologies to help ‘financial institutions attract and retain small businesses by providing essential back office services and becoming their system of record’.
The announcement also highlighted that it will offer banks and credit unions with ‘highly differentiated solutions to deepen engagement and grow small business relationships’.
“In order to better compete with megabanks and the Big Tech firms who increasingly provide banking and lending services to small businesses, financial institutions must embed their services into small businesses’ value chains”, said Ron Shevlin, Managing Director of Fintech Research, Cornerstone Advisors.