RDM'S Investee Company Announces its EPayables Solution Wins
PRNewswire (07/21/2003 5:12 PM ET)

RDM'S investee company announces its ePayables solution wins customers - Premier utility companies select the Pantellos eSettlement Network - TSX symbol: RC WATERLOO, ON, July 21 /PRNewswire-FirstCall/ - RDM Corporation's (TSX:RC) investee company, Xign Corporation, today announced that Pantellos has been selected by two of the nation's premier utility companies, Cinergy Corp. and FirstEnergy Corp., to implement the Pantellos eSettlement Network, an electronic payables system, to further automate their procure-to-pay processes. These utilities chose the solution to lower accounts payable (A/P) processing costs, reduce error rates, achieve better visibility and control over payment methods, and strengthen supplier relationships. Based on the ePayables solution from Xign Corporation, the Pantellos eSettlement Network is an electronic invoice and payment service that helps utilities automate their financial settlement processes. This Pantellos service creates a secure settlement network that enables utilities and their suppliers to exchange electronic invoices and payments, capture more early payment discounts, resolve disputes in real time and improve cash forecasting. The Pantellos eSettlement Network also supports the MasterCard e-P3 electronic payment and information management service, which helps utilities broaden their use of MasterCard Corporate Purchasing Card programs to settle large- value transactions for direct materials and services. By combining this eSettlement solution with other Pantellos services, utilities can realize significant improvements in business performance from a fully automated procure-to-pay cycle. Cinergy and FirstEnergy join fellow utility Pacific Gas & Electric (PG&E) in moving from paper to electronic settlement. PG&E is currently using Xign's ePayables solution, the Xign Payment Services Network, to automate its accounts payable processes. "When we transact with suppliers through linked electronic networks, the cost savings can be substantial," said Craig Weida, vice president, supply chain and administrative services at Cinergy. "We are excited about the potential savings we can achieve in our financial settlement processes through the Pantellos eSettlement Network." "We've seen first-hand the positive results of implementing automated tools and other supply chain services from Pantellos," said Brad Tobin, vice president of supply chain at FirstEnergy. "Using the Pantellos eSettlement Network, we can manage our payables process as efficiently as we manage other supply chain activities and expect to generate a significant reduction in overall transaction costs." An additional advantage of the Pantellos eSettlement service for supplier and buyer customers is the shared supplier directory with more than 7,000 active suppliers. "Many suppliers in the Pantellos eSettlement directory conduct business with Cinergy and FirstEnergy today," explained Connor Neely, manager of financial services at Pantellos. "Cinergy, FirstEnergy and other Pantellos buyer trading parties who adopt the Pantellos eSettlement Network can initiate electronic transactions with these suppliers immediately; no enrollment is required, thereby, saving suppliers time and money. In addition, the directory continues to expand by hundreds of suppliers each month, increasing its value to our utility customers." About Pantellos Pantellos is the leading supply chain services company for the utility and energy industries. Pantellos offers access to deep supply chain expertise, a broad suite of supply chain services, an active trading community and leading-edge technologies. Pantellos was founded in June 2000 by some of North America's largest utilities, including: American Electric Power; Cinergy; Consolidated Edison, Inc.; Dominion Resources; DTE Energy; Duke Energy; Edison International; El Paso Energy; Entergy; Exelon; FirstEnergy Corp.; FPL Group; GPU; Ontario Power Generation; PG&E Corp.; Progress Energy; Public Service Enterprise Group; Reliant Energy; Sempra Energy; Southern Company; and TXU. The Pantellos trading community currently includes more than 30 utility companies and more than 475 energy goods and services suppliers. Pantellos provides simple connectivity to its Marketplace via direct integration or by managed Web solutions. Pantellos is based in The Woodlands, Texas, USA. For more information visit http://www.pantellos.com. About Xign Corporation Xign is the leading provider of ePayables solutions used by business and government to automate the financial settlement of business-to-business commerce. The Xign Payment Services Network (XPSN) is the first complete electronic invoice and payment service to fully streamline accounts payable processing via the Internet. Thousands of organizations in utilities, telecommunications, retail, pharmaceuticals, media, manufacturing, government and healthcare sectors use Xign to reduce financial settlement costs, strengthen trading relationships, and better manage cash. Xign products are marketed through a direct sales force or indirectly via partnerships with industry leaders MasterCard International and Pantellos. The company is located in Pleasanton, California, and can be reached by phone at (925) 469-9446 or via the Internet at http://www.xign.com. About RDM RDM Corporation is headquartered in Waterloo, Ontario and trades on the Toronto Stock Exchange under the symbol RC. RDM is a leading developer of specialized software and hardware products for electronic payment processing. RDM has pioneered electronic check conversion systems and web-based image and transaction management services for banks, retailers, payment processors and government agencies. RDM newest offering is its proprietary Image and Transaction management System (ITMS) whereby transaction information can be remotely captured and processed electronically from distributed locations, freeing up significant customer float time and significantly reducing costs associated with returned checks. RDM holds an approximate 20% interest in Xign Corporation, a California based provider of collaborative software for the financial supply chain. For further information, visit RDM's web-site at www.rdmcorp.com.