Bottomline Acquires Bora Payments to Drive STP

Bottomline Technologies has closed a $15 million money deal to purchase Bora Payment Systems, the corporate introduced in a press release Tuesday (Nov. 9).

The deal is a part of a transfer to use straight-through processing (STP) for improved effectivity when accepting digital playing cards to distributors utilizing Bottomline’s Paymode-X digital cost community.

“For an increasing number of prospects and channel companions, the final word digital transformation of payables requires a complete technique for all funds — home, worldwide, B2B and B2C,” Tom Dolan, basic supervisor, Paymode-X, Bottomline, mentioned within the launch.

See additionally: Bottomline Unveils Bank Payments Tracking Service via Swift API

Dolan added that card funds can typically be “inefficient and cumbersome” however with STP, the handbook processes that include digital playing cards are eradicated. STP capabilities additionally reduce the “invoice-to-cash cycle and optimize acceptance economics.”

As a outcome, payers can provide suppliers a greater variety of cost choices that “provide nice effectivity and cost-effectiveness,” Dolan mentioned.

Read extra: B2B Payments Are No Longer ‘Business as Usual’

Most digital card funds are manually processed and despatched by way of an encrypted electronic mail server or by accessing a safe portal, a process that may be expensive and time-consuming, particularly as digital card volumes improve. Virtual card funds processed utilizing STP are despatched immediately to the seller’s checking account, and except for being quicker, STP additionally captures remittance knowledge.

With the Bora acquisition, Bottomline can provide new financial institution channel relationships and capabilities to Paymode-X that can improve its digital card program.

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