UMB, Bottomline Technologies Partnership Means More Mobile Payments-Style Banking
Mobile banking is catching on potentially even faster than mobile payments in the United States, and with good reason. Who doesn’t like being able to accomplish banking-related chores after they get off of work, rather than having to slip away in the middle of a lunch hour because the bank closes at the same time you get off work? Or maybe even earlier? Now, a new partnership between UMB Financial Corporation and Bottomline Technologies—who tipped us off about the event—will help make UMB’s mobile commercial banking truly mobile payments-grade easy.
With the new partnership in place, UMB customers will soon be able to put a range of supplier payments technologies to work, including virtual cards, automated clearing house (ACH) technologies, and even check issuance mechanisms. With Paymode-X on hand, UMB will have new ways to put current partnerships to work. Payment processes that were previously manually-driven—and thus more costly—are now better able to be automated, and processing just about any payment type is that much more possible.
This improves operations on several levels, as greater automation commonly brings with it reduced costs and greater accuracy, which means less time lost in making corrections of manual systems. It also improves security, payment routing, and even allows for financial returns as a result of rebates. That adds up to better vendor relationships and better overall outcomes for its users.
There’s certainly a lot to like about this concept, and it illustrates how mobile payments and mobile banking technologies can produce benefits not just for individuals in a business-to-consumer (B2C) setting, but also for businesses in a business-to-business (B2B) setting. Most of us have experienced the benefits of mobile banking, and now, businesses are getting in on the action more thoroughly as well. Better efficiency, cost savings, and more satisfied customers—being able to take all those different kinds of payments certainly can’t hurt—add up to terrific outcomes.
It’s hard to argue with the kind of outcomes Bottomline is offering for businesses here—it’s almost like buying improved profitability—but who needs to argue? There should be a lot of very happy businesses out there among those who put this to work.