Bottomline Acquires BofA's Travel Commission Payments Service
Bottomline Technologies is expanding its payment network by acquiring the travel commission payments service of Bank of America (BofA). Bottomline will serve these travel clients through PayMode, the electronic network for payment and invoice automation that Bottomline acquired from BofA last year.
More than two dozen major travel and hospitality companies and tens of thousands of travel agents around the world use the BofA travel commission payments service for commission payments, remittance and reporting. These clients will upgrade to PayMode, a business-to-business (B2B) payment network.
Under the agreement, BofA will continue to provide commission service to clients until their transition to PayMode, projected for late 2010. Clients will receive the same levels of customer service and functionality they’re accustomed to, as well as gaining robust remittance reporting, enhanced delivery capabilities, and the ability to pay other suppliers within PayMode’s network of more than 90,000 members.
“We believe these travel and hospitality industry companies and the agents that book for them will be pleased with the commission payments services Bottomline Technologies will provide them,” said Bob Johnston, senior vice president and product management executive at BofA. “Working with Bottomline over the years as a provider of technology to the bank has given us confidence in its ability to deliver solutions that add value for clients.”