UMB Financial has entered into a new partnership to deliver Bottomline Technologies’ Paymode-X with Visa Payables Solutions to its US customers.
The partnership will enable UMB’s commercial customers to automate costly payment processes. The system is capable of processing all payment types including virtual card, ACH and check in a single payment file.
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UMB executive vice president and director of product management Uma Wilson said: “Our partnership with Bottomline Technologies is another exciting alignment with a cutting-edge technology provider to offer best-in-class solutions to managing supplier payments such as check issuance, ACH systems and virtual cards.
“UMB is focused on providing solutions to our clients, and Paymode-X will allow us to build on existing partnerships to provide the best possible customer experience.”
The usage of Paymode-X will enable UMB’s customers to reduce accounts payable (AP) costs, optimise payment routing and financial returns through rebates.
The process also increases the security of payment processes as well as helps in maximising financial returns and improves vendor relationships.
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By GlobalDataAdditionally, UMB’s commercial customers will benefit from Paymode-X’s business network and the Intelligent Engagement Model.
UMB Bank executive vice president and director of treasury and commercial card sales Brian Hutchin said: “Commercial card growth is a priority for UMB Bank and offering Paymode-X with Visa Payables Solutions will help us continue our success in this area.
“This new partnership will help our clients streamline and secure their payables processes with the best available technology and network.”
