Bank of America has passed the 50,000 mark on vendors connected to its PayMode supply chain finance network, giving its 400 commercial and government clients more critical mass in invoice payment efficiencies.
According to BofA, the reach of the network now means the clients can likely pay up to 30 percent of their vendors with “day-one” e-payments–which provide savings in both paper reduction and attaining quick-pay discounts. They can pay up to 75 percent of targeted vendors within 12 weeks through the PayMode network, which still enables immediate processing and cost efficiencies, according to the bank.
PayMode is one component of the bank’s electronic payment services suite, and to date has processed more than $225 billion in transactions, according to the institution. Since April 2007, transactions have grown 65 percent and the client base has expanded 64 percent.