Bottomline Acquires Bank of America’s Travel Commission Payments Service
PORTSMOUTH, N.H.--(BUSINESS WIRE)--Bottomline Technologies (NASDAQ: EPAY) today announced it is expanding its payment network by acquiring the travel commission payments service of Bank of America (NYSE: BAC). Bottomline will serve these travel clients through PayMode®, the market-leading electronic network for payment and invoice automation that Bottomline acquired from Bank of America last year.
More than two dozen major travel and hospitality companies and tens of thousands of travel agents around the world use the Bank of America travel commission payments service for commission payments, remittance and reporting. These clients will upgrade to PayMode, the world’s fastest-growing business-to-business payment network, later this year.
This acquisition builds on the strategic work Bank of America and Bottomline have forged to leverage the strengths and technologies of each. Under the agreement, Bank of America will continue to provide commission service to clients until their transition to PayMode. Clients will receive the same levels of customer service and functionality they’re accustomed to, as well as gaining robust remittance reporting, enhanced delivery capabilities, and the ability to pay other suppliers within PayMode’s network of more than 90,000 members.
“We believe these travel and hospitality industry companies and the agents that book for them will be pleased with the commission payments services Bottomline Technologies will provide them,” said Bob Johnston, senior vice president and product management executive at Bank of America. “Working with Bottomline over the years as a provider of technology to the bank has given us confidence in its ability to deliver solutions that add value for clients.”
“We look forward to welcoming these new clients to Bottomline and are fully committed to their success,” said Rob Eberle, chief executive officer at Bottomline Technologies. “The acquisition of this travel commission payments service provides a natural extension of our Paymode platform’s capabilities and is another important milestone in our long relationship with Bank of America.”
Until the transition is complete, projected for late 2010, Bank of America will continue to provide service to the travel commission clients. Financial terms of the arrangement were not disclosed.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 59 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world. The company’s solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust these solutions to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit www.bottomline.com.
Bottomline Technologies, Paymode and the BT logo are trademarks of Bottomline Technologies (de), Inc. which may be registered in certain jurisdictions. All other brand/product names are trademarks of their respective holders. .
