Bank of America Merrill Lynch, a wing of Bank of America Corporation (BAC - Free Report) , 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 - Free Report) .
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.
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.