Press Releases

SourceNet Solutions Introduces Vendor Self Service

COLLEGE STATION, TEXAS, November 13, 2006 — SourceNet Solutions, a Mellon Financial Corporation business, today announced that it can provide its customers' suppliers with a convenient new way to inquire about their payment status. Accessible via SourceNet's powerful, Web-based workflow management tool, Vendor Self Service provides suppliers with fingertip access to invoice and payment status information 24 hours a day, 7 days a week.

"Vendor Self Service, which provides reliable, secure, up-to-the-minute information about pending payments to assist suppliers in managing their cash flow, presents a viable option for suppliers who are looking for ways to simplify and gain more control over their accounts receivable process in order to optimize working capital," said Leon J. Busch, SourceNet president and chief executive officer. "Vendor Self Service will also dramatically reduce the number of telephone and e-mail interactions between SourceNet customers and their suppliers. With suppliers able to view payment status, typical supply chain issues associated with a lack of payment status — such as held up shipments or unwarranted collections calls — should be dramatically decreased."

According to Busch, Vendor Self Service is the first in a series of planned enhancements by SourceNet to help vendor end users track and validate the status of their incoming payments. "Our goal is to continue introducing additional Vendor Self Service tools, all designed to streamline the receivables process," he said.

For more than a decade, SourceNet Solutions has provided an AP outsourcing service that has helped companies lower their direct operating costs by up to 40 percent, while strengthening their working capital management processes and promoting risk mitigation. SourceNet also provides payroll management and utility bill analysis services. More information about SourceNet Solutions is available at www.sourcenetsolutions.com.

Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing asset management, private wealth management, asset servicing, payment solutions and investor services. Mellon has approximately $5.3 trillion in assets under management, administration or custody, including $918 billion under management. News and other information about Mellon is available at www.mellon.com.