NEW YORK CITY (dpa-AFX) - Business payments technology company Bottomline on Tuesday announced a partnership with American Express Co. (AXP) aimed at simplifying and modernizing business-to-business payments.
Under the partnership, Bottomline's payment network, Paymode has been integrated with American Express Buyer Initiated Payments (BIP) via a new feature called BIP Connect, allowing eligible customers to pay Premium ACH vendors through Paymode.
The companies said the integration will give businesses access to a broader network of authenticated and verified vendors across industries including manufacturing, healthcare, commercial real estate and higher education.
Eligible businesses can make payments through their existing American Express BIP accounts, while vendors receive funds via Premium ACH through Paymode.
'By integrating Paymode into BIP, were giving buyers access to greater control, enhanced security, and a simpler way to manage payables and receivables, while making it easier for vendors to reconcile payments and maintain visibility into their cash flow,' said Craig Saks, CEO, Bottomline.
AXP shares are currently trading down 0.86% at $348.89.
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