Portland, ME; Manchester, CN January 23, 2002 Lydall Inc. a producer of specialty-engineered products and materials for demanding thermal/acoustical and filtration/separation applications, has chosen Clareon Corp.'s B2B payment solution to make secure, electronic payments to its suppliers. Clareon is a provider of a bank-neutral, electronic payment solution.
We look forward to increasing the efficiency and cost effectiveness of our payments process through the use of Clareon's PayMode solution, said Walter Ruschmeyer, chief financial officer and executive vice president of finance and administration at Lydall. Electronic payment capabilities are a requirement in today's business environment, and Lydall's adoption of PayMode will immediately benefit both us and our suppliers.
Clareon completed the integration of PayMode with Lydall's Oracle accounts payable system in just two business days without altering Oracle standards, changing payment processing functionalities or disrupting operations. With PayMode, Lydall will now be able to initiate, digitally sign, and transmit payments and associated remittance information to its suppliers electronically and within its current accounts payable environment. Clareon also initiated its Accelerated Enrollment Program on Lydall's behalf to rapidly enable Lydall's suppliers to receive payments using PayMode.
Paul Walsh, chairman and CEO of Clareon, explained that Lydall, a manufacturer for over 150 years, is known in the industry for its close relationships with customers and suppliers. Lydall's choice of PayMode will yield a very attractive [return on investment] by linking Lydall with its suppliers, allowing the company to further develop its existing relationships as well as to cultivate new relationships with valuable supply chain partners, he said.