Paymode-X, what is now the world's largest and fastest-growing settlement network for business, grew from an electronic payment technology project piloted by the Financial Services Technology Consortium (FSTC) for the U.S. Treasury in 1998.
When the pilot group was dissolved in 2000, a private corporation was formed that built the Web-based, electronic payment and remittance platform today's Paymode-X was founded upon. After a period of transition, the product found a home at Bank of America, from which Bottomline Technologies acquired it in the fall of 2009. Although the ownership of Paymode-X has changed, the product has never veered from its course of growth and improvement because of the leadership of its core team.
The foundation of Paymode-X is an electronic payment system that was created to answer a very real need-to reduce payment and processing costs for businesses, banks and the United States government. Subsequently, every element of increased functionality has grown from a tradition of true service and usefulness.
That historical foundation and the commitment of the core Paymode-X team combined with Bottomline's culture of innovation has positioned the team to introduce the benefits of electronic payments and invoicing to an even wider audience.