EIPP firm finds funding

EIPP firm finds funding

B2B Electronic Invoice Presentment and Payment (EIPP) provider BillingZone, LLC (www.billingzone.com) has received a commitment for additional funding from PNC Bank, N.A., one of its strategic investors. Exact terms of the arrangement were not disclosed. BillingZone, is a joint venture between PNC Bank, N.A. and Perot Systems Corporation.

“Overall, we are pleased by our ability to continue to attract new customers despite a difficult economic climate,” said Eric Smith, president of BillingZone. “Since the beginning of 2002, we have announced five new customers, including two of the world’s largest chemical companies, a leading global e-marketplace and a top 20 U.S. treasury management bank. We are extremely optimistic about the future of the EIPP market and appreciate the continued support of our shareholders.”

“Not only do we utilize BillingZone’s services as both a biller and a payer, but we have several important customers realizing significant value through their use of the service,” said Francine Miltenberger, executive VP of PNC’s Treasury Management Division and a member of BillingZone’s board of directors. “We believe the services offered by BillingZone are important tools that help companies streamline their financial and business processes.

Copyright Association for Work Process Improvement Jun 2002

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