Business payments company Bottomline Technologies is enhancing its Paymode-X solution with a focus on machine learning, according to an announcement the firm made on Thursday (Jan. 11).
The company is boosting its Paymode-X platform, dubbing the upgrades its Paymode-X Intelligent Engagement Model. The tool is a predictive supplier enablement solution that automates vendor authentication and streamlines enrollment onto the B2B payments platform.
“Vendor adoption is the most critical success factor when it comes to converting to electronic payments,” said Bottomline Technologies General Manager, Cloud Payment Solutions, Jessica Moran in a statement. “Asking an AP team to sell vendors on the benefits of electronic payments while gathering and validating bank account information decreases efficiencies and productivity — that’s where Paymode-X’s Intelligent Engagement Model comes in.”
In its announcement, Bottomline cited research from the Association for Financial Professionals, which found that 84 percent of businesses say payment costs is a top motivation to introduce automation. According to the company, machine learning technology can add automation into the B2B payments and vendor onboarding process.
“The Paymode-X Intelligent Engagement Model leverages predictive analytics to revolutionize electronic payments adoption, easing supplier onboarding and providing insight to enable cash flow forecasting,” Moran continued. “There’s simply no room for convoluted workflows, sluggish business processes or, worse yet, guesswork in today’s competitive environment.”
Last April, Bottomline announced the rollout of a solution to combat payment fraud for SWIFT members, helping businesses meet SWIFT’s security requirements.
“The payments security landscape is more complex than ever before,” said Boaz Krelbaum, CTO and general manager of Cyber Fraud & Risk Management at Bottomline Technologies, in a press release at the time. “We’re proud to be able to offer SWIFT network members market-leading, real-time protection. The ability to potentially prevent fraudulent payments from being executed before they happen will give our customers an advantage in the battle against fraud.”
