Navigation Links
Boston Medical Center Selects Bank of America to Assist with Payments Transformation

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.

(Logo: )

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
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. NYP/Weill Cornell physician-scientists present at 2009 American Transplant Congress in Boston
2. Boston Scientific Announces Two Directors Leave Board as Burns Named CEO of Xerox and Johnson Confirmed as Under Secretary of Energy
3. Transplant Expo Launches in Boston to Educate About Miracle of Transplantation and Address Organ Donor Shortage
4. ALL: Boston Archdiocese Reportedly on Track for Abortion Referring Venture
5. Fitch Raises Boston Scientifics Rating Outlook to Positive
6. SSI Group to Integrate Boston Software Systems Boston WorkStation Into ClickON PREVENT
7. Childrens Hospital Boston Deploys AutoVirt Solution to Increase Speed and Efficiency of Windows Data Replication
8. Joslin Diabetes Center Names Boston Celtics Star Ray Allen to Board of Trustees
9. Glymetrix of Salem Wins 2009 North of Boston Business Plan Competition
10. Boston Scientific to Participate in Piper Jaffray PCR Post-Op Summit
11. Raytheon Donates $100,000 to Fisher House Boston
Post Your Comments:
(Date:6/24/2016)... ... June 24, 2016 , ... ... Scientific Sessions in Dallas that it will receive two significant new grants to ... came as PHA marked its 25th anniversary by recognizing patients, medical professionals and ...
(Date:6/24/2016)... , ... June 24, 2016 , ... ... offering micro-osteoperforation for accelerated orthodontic treatment. Dr. Cheng has extensive experience with all ... brackets , AcceleDent, and accelerated osteogenic orthodontics. , Micro-osteoperforation is a revolutionary ...
(Date:6/24/2016)... , ... June 24, 2016 , ... Topical BioMedics, Inc, makers of Topricin and MyPainAway ... call for a minimum wage raise to $12 an hour by 2020 and then adjusting ... restore the lost value of the minimum wage, assure the wage floor does not erode ...
(Date:6/24/2016)... ... June 24, 2016 , ... EB Medicine presented its ... Emergency Medicine conference in Ponte Vedra Beach, FL. The awards honor the outstanding ... Medicine Practice and Pediatric Emergency Medicine Practice. , “With this award, we ...
(Date:6/24/2016)... ... June 24, 2016 , ... Puradigm® & Innovative Solutions ... initiated cultivation and processing operations at its production facility, and opened its first ... is the manufacturer of a complete system of proactive air and surface purification ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... , June 24, 2016 The Academy of ... recommendations that would allow biopharmaceutical companies to ... entities that make formulary and coverage decisions, a move ... of new medicines. The recommendations address restrictions ... appear on the drug label, a prohibition that hinders ...
(Date:6/24/2016)... -- According to a new market research ... Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, ... Purchase (Retail, Non-Retail) - Trends & Global Forecasts to ... for the forecast period of 2016 to 2021. This ... 2021 from USD 1.65 Billion in 2016, growing at ...
(Date:6/23/2016)... 23, 2016  MedSource announced today that it ... software solution of choice.  This latest decision demonstrates ... to their clients by offering a state-of-the-art electronic ... establishes nowEDC as the EDC platform of choice ... clients.  "nowEDC has long been a preferred EDC ...
Breaking Medicine Technology: