TD Bank announced that it is collaborating with Bottomline Technologies, a leading provider of financial technology that helps make business payments simple, smart and secure, to offer Paymode-X with Visa Payables Solutions to its U.S. business banking customers.
Paymode-X with Visa Payables Solutions delivers many benefits to TD Bank's corporate and commercial clients, including maximizing accounts payable (AP) payment automation, reducing costs and providing financial returns in the form of rebates.
"TD Bank strives to provide our customers with the most efficient payments solutions on the market to better integrate with their systems and bring greater convenience," said Rick Burke, Head of Corporate Products and Services, TD Bank. "Adding Paymode-X with Visa Payables Solutions to our offerings not only brings a compelling economic model for our customers, but expands TD's payment capabilities across two sizable networks with proven success in vendor acceptance."
Bottomline's Paymode-X, integrated with Visa Payables Solutions, provides business customers with streamlined integrated payables capabilities. Unlike standalone card or ACH programs with disparate implementations and payment files, Paymode-X with Visa Payables Solutions uses a simpler approach that enables businesses to make card, ACH and check payments to their vendors in a single process. Paymode-X leverages Intelligent Payment Optimization to manage payment preferences across its 385,000+ member businesses and settle transactions using the most beneficial payment type for each trading relationship. This maximizes automation and financial returns across the Paymode-X network.
"TD Bank is known for offering innovative payments solutions to its corporate customers," said Jessica Moran, General Manager, Paymode-X Business Solutions at Bottomline Technologies. "We're proud to work with TD Bank to help deliver market-leading integrated payables capabilities to the markets they serve."
Through Bottomline's Paymode-X with Visa Payables Solutions, TD's commercial customers also will benefit from Bottomline's proprietary Intelligent Engagement Model, which leverages predictive analytics to help onboard vendors and realize AP automation benefits more quickly.
"Paymode-X with Visa Payables Solutions will allow TD Bank to provide additional capability to their clients' commercial and virtual card payment programs, enabling them to take full advantage of the benefits of electronic payments," said Taira Hall, vice president, Visa Business Solutions, Visa.