BofA PayMode network reaches milestone

CHARLOTTE, N.C. – Bank of America said last week it has signed up its 50,000th vendor to participate in the financial giant’s PayMode network, a service that allows businesses to send and receive electronic payments to and from their suppliers.
The bank said its clients can pay about 30 percent of their targeted vendors on day one and up to 75 percent within the first 12 weeks, enabling immediate processing and cost efficiencies along a company’s supply chain.
The PayMode network – a component of Bank of America’s electric payment services suite, Comprehensive Payables – is adding about 2,000 new vendors a month. Since April 2007, transactions processed through the network have grown 65 percent and the client base – now more than 425 companies – has expanded 64 percent.
So far, the network has processed $225 billion in transactions.
Bank of America has been inviting vendors to enroll in PayMode on behalf of the bank’s commercial clients. Once a vendor signs on, it can make transactions with any company in the network.
“Electronic invoice and payment processing represents the next wave of solutions that can maximize supply-chain efficiency,” said Kevin Phalen, Global Product Solutions Integrated Debt and Treasury executive. “The milestone of reaching 50,000 vendors and our high client retention rate show that we have the most comprehensive network available to meet any client’s supply-chain needs.”
Bank of America said its PayMode network has experienced a near 100 percent vendor-retention rate because of its flexibility and ease of use.
Bank of America (NYSE: BAC) is one of the world’s largest financial institutions, with clients in 175 nations, including 98 percent of the U.S. Fortune 500 and 80 percent of the Fortune Global 500. In the United States alone, it serves more than 56 million consumers and small businesses via more than 5,700 retail offices and 17,000 ATMs. To learn more, visit www.bankofamerica.com.