we got some of this in the portfolio. Some recent developments worth noting
End-to-end solution to combine acquisition with
leading epayment technology
Bottomline Technologies (NASDAQ:EPAY), a leading developer of Internet payment and electronic commerce solutions, today announced the Company will launch an electronic bill presentment and payment solution specifically for the business-to-business market. Bottomline's electronic billing solution, recently acquired from The Northern Trust Company, combined with the Company's leading electronic payment software, will deliver a complete end-to-end solution for e-commerce bill presentment and payment to corporate and banking customers.
"The growth opportunities for electronic bill presentment and payment in the business-to-business market are enormous," commented Dan McGurl, President and CEO of Bottomline Technologies. "Our customers tell us they wish to extend the efficiencies of electronic commerce to the full invoicing and payment cycle; Bottomline's end-to-end solution will deliver those functionalities and more. Business-to-business transactions have unique requirements and demand extensive expertise in financial transactions. We will leverage our company's strong experience in payments, existing technology, integration capabilities and broad customer base to be the leader in this rapidly growing market opportunity."
Business-to-Business Solution
Bottomline's new offering is complementary rather than competitive with consumer-based billing applications, and focuses on the unique needs of business transactions in three key areas. First, Bottomline's solution is designed to easily manage B2B invoice information, which often consists of hundreds of pages of information and is far more complex than bills consumers receive. Second, it accommodates the adjudication process, allowing the payor to review and, if necessary, make adjustments to the vendor's online bill. Finally, Bottomline's system integrates into all major corporate accounts payable and accounts receivable systems, providing end-to-end efficiencies for corporate billers and payors.
Providing Value to Financial Institutions and Corporations
Bottomline's solution appeals to both the corporate and banking user. The software enables banks to leverage electronic billing to build and maintain an open, interactive relationship with corporate account holders. In doing so, the Bottomline solution allows banks to maintain and strengthen relationships with their lockbox customers. Billing organizations also realize enhanced trading partner relations, efficient and speedy posting to A/R, and improved cash and treasury management. Paying organizations benefit from potential discounts through biller relationship, integrated invoice processing through A/P, improved efficiency via the elimination of manual invoice data entry, and the ability to control the timing of payments in order to manage outbound cash flow.
Pilots to precede fall GA; Banks to co-market
Pilot billers are currently working with Bottomline to implement the system. The Company expects to announce general availability for financial institutions and corporate billers later this year.
In addition to its direct sales efforts, the Company is pursuing relationships with banks to co-market the product to their corporate lockbox customers. Bottomline has announced an agreement with The Northern Trust Company whereby Northern Trust will market the product to its corporate customers and targeted markets. Bottomline is also exploring co-marketing agreements with other financial institutions that are interested in providing this unique solution to their customers.
About Bottomline Technologies
Bottomline Technologies(R) (NASDAQ:EPAY) is a leading provider of Internet payment and electronic commerce solutions. The Company's PayBase(R) - Payment Server32 suite enables organizations to transition from traditional paper checks to electronic payments, to engage in electronic commerce, and to control all payment functions from a single platform. PayBase provides Internet capability in an NT, native 32-bit package. Bottomline's solutions are utilized by over 2,000 organizations representing every major industry sector, from education, government and healthcare to finance, manufacturing, and retail. The Company is a member of Microsoft Solution Provider, Independent Software Vendor (ISV) and Value Chain Initiative (VCI) programs, and also has partnership arrangements with key software vendors, including Oracle, SAP, PeopleSoft, Lawson, and J.D. Edwards. Founded in 1989, Bottomline maintains its headquarters in Portsmouth, NH and has satellite offices located in most major cities. For more information, dial (800) 243-2528 or visit Bottomline on the web at www.bottomline.com.
Cautionary Language
This press release may contain forward-looking statements that involve risks and uncertainties, including statements regarding expected benefits of use of the Company's products and future growth or results. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are competition, market demand, technological change, strategic relationships, recent acquisitions, international operations and general economic conditions. For additional discussion of factors that could impact the Company's financial results, refer to the Company's Form 10-K filed February 1999.
<<Business Wire, 07-13-99, 16:06 Eastern>>
CONTACT: Bottomline Technologies | Ellen Backus, (978) 740-0780 | pr@bottomline.com
[Copyright 1999, Business Wire]
There's a replay of a conference call from yesterday that's worth taking a listen to. FWIW, here's my take on it #reply-10498391.
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