Electronification will enhance cash management efficiencies and reduce costs
CHARLOTTE, N.C., June 3 /PRNewswire/ -- Bank of America announced today that Boston Medical Center, the largest safety net hospital in New England, has chosen Bank of America to transform a significant portion of the hospital's Accounts Payable paper checks into electronic payments.
Based on the bank's experience managing a vendor network of nearly 75,000 suppliers, and a proven vendor onboarding program, Bank of America estimates that Boston Medical Center will convert 67 percent of its paper checks to electronic payments within the first six months.
"We were looking for a payments solution that would help us quickly go paperless and at the same time reduce significant costs," said Ron Bartlett, chief financial officer, Boston Medical Center. "The Comprehensive Payments suite was easy to implement and we look forward to benefiting from the increased efficiencies of the program."
In order to help BMC migrate payments from paper to electronic, Bank of America will employ its Comprehensive Payables suite, enabling Boston Medical Center and its vendors to materially reduce payment processing costs associated with paper checks.
"Comprehensive Payables also will enable Boston Medical Center to benefit from improved working capital through enhanced and predictable cash flows, drive additional efficiencies in their payment processes, and earn rebates on volume that migrates from checks to card payments," said Kevin Phalen, Product executive with Bank of America's Integrated Debt and Treasury, and Merchant Division.
The Comprehensive Payables suite includes the ePayables and PayMode(R) solutions. ePayables is a payment option that can integrate card payments seamlessly into a user's accounts payable process and converts checks to efficient card payments. With one of the few fully integrated "many-to-many" vendor networks, PayMode, a digital online payment system, can enable users to send and receive electronic payments in a preferred digital format, including ACH and wire, with unlimited digital remittance capabilities for disbursement and collections. PayMode also transfers funds, using robust security features like digital signatures with 1024-bit encryption, client access controls, user-specified transaction limits and multi-party authentication ensuring each payment is authorized.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 55 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,500 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
|SOURCE Bank of America|
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