Portland, ME July 20, 2001 Clareon Corp., which provides a bank-neutral, electronic payment solution for B2B transactions, recently announced that Fairchild Semiconductor has chosen PayMode, Clareon's B2B payment solution to make secure, electronic payments to its suppliers and service providers. With PayMode, Fairchild Semiconductor will look to streamline its accounts payable process, strengthen relationships with suppliers and lower its costs of disbursing payments.
By making payments electronically using Clareon's PayMode, we will eliminate a significant amount of the paper currently involved in our payment process, said Matt Towse, vice president and treasurer at Fairchild Semiconductor. PayMode helps to increase overall productivity by saving us time and money.
Clareon will also integrate PayMode with Fairchild's existing PeopleSoft accounts payable system. This will allow Fairchild, recently named among the 100 best performing technology companies in the world by Business Week, to make electronic payments to its vendors while working within its current accounts payable environment. Clareon will complete the integration without necessitating changes to Fairchild's treasury workflow or IT infrastructure, therefore avoiding any disruption to Fairchild's operations.
As part of its payment solution, Clareon will also employ its Accelerated Enrollment Program to quickly and efficiently enable Fairchild's suppliers and vendors to receive payments using PayMode.
Some of our suppliers and business partners were already up and running with PayMode. It made tremendous sense for us to become a PayMode user in our own right in order to pay more of our vendors and suppliers in this electronic fashion, said Towse.
We are extremely pleased that Fairchild has chosen to utilize our electronic payment solution. Fairchild is a progressive company that understands that electronic payments are not in the future of commerce, but rather the present, said Paul Walsh, chairman and CEO of Clareon. Clareon's solution allows businesses and governments to reap the benefits of electronic payments now in order to deliver a positive experience to their supply chain partners, and to cultivate the relationships upon which businesses like Fairchild were built.