Bank of America Merrill Lynch, a wing of
Bank of America Corporation
(
BAC
), has introduced an iPad compatible application for its clients
using the online payment and invoicing system, Paymode-X. This can
be viewed as a part of BofA's constant endeavor to simplify banking
for its customers with the help of advanced technologies. The iPad
application is the first stage of a set of mobile capabilities that
BofA Merrill Lynch will put forward to its customers in association
with
Bottomline Technologies Inc.
(
EPAY
).
With mobile technologies becoming a way of life, BofA's new
application promises to make things lot easier for an average
globetrotting executive. The application is a convenient means to
connect businesses to invoice and payment system and constantly
monitor the status of funds transfer along with the details.
Through this application, better control would be accomplished
along with efficiency in maintenance of cash flows, lower
transaction costs and reduced processing errors.
The iPad application is the most recent addition to the BofA's
online payment system, Paymode-X. The payment system has been
serving the users of a private network of thousands of suppliers
making payments and sending invoices online.
The sheer size of the network along with critical vendor
onboarding program makes it possible for BofA to carry on smooth
conversion of electronic payments and invoices to their
order-to-pay process. Besides this, Paymode-X also supports the
company's comprehensive payables solution, enabling Automated
Clearing House (ACH), ePayables, wire and papercheck print services
through sole file integration.
Conclusion
Moreover, with everything going virtual in the business world,
there is requirement of technology that caters to the evolving
needs of safety and security in accessing data. Systems like
Paymode-X and its various applications are designed to meet such
requirements of the consumers. Moreover, these provide companies
with smarter ways to completely switch over to electronic
payments.
We believe that BofA's initiatives to integrate technology in
every step of banking will revolutionalise the current banking
scenario. BofA has correctly perceived the immeasurable
significance of technology in simplifying banking.
This new applications not only helps the customers to bank
conveniently, but also assists banks to ensure that their
operations are carried out much faster and in a hassle-free way. It
will also positively impact the financials by lowering transactions
and processing costs.
Currently, BofA retains a Zacks #3 Rank, which translates into a
short-term Hold rating. Considering the fundamentals, we also
maintain a long-term Neutral recommendation on the stock.
BANK OF AMER CP (BAC): Free Stock Analysis
Report
BOTTOMLINE TECH (EPAY): Free Stock Analysis
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