Massachusetts Institute of Technology Selects PayMode Electronic Payment Solution

MIT Expects Electronic Payments to Strengthen Supplier Relationships and Maximize Efficiency of Expansive Supply Chain

BOSTON, MA — September 30, 2002 — Massachusetts Institute of Technology (MIT), one of the world’s most prestigious, privately endowed research universities has selected the electronic payment and remittance processing solution PayMode. MIT is implementing PayMode to strengthen its supply chain and to quickly and effectively remove paper and inefficiencies from its payables process. PayMode enables faster settlement, clear visibility into the payment stream, and provides MIT’s suppliers with detailed remittance information, helping to optimize cash and working capital management for both MIT and its many suppliers.

The integration of PayMode with MIT’s SAP R/3 accounts payable system will soon be completed allowing MIT to efficiently initiate, process and electronically transmit payments and associated remittance information to its suppliers, securely and within its current SAP environment. The initiation of Paymode’s Accelerated Enrollment Program is underway, thereby ensuring that the university’s suppliers begin to receive electronic payments without delay.

Contact: Ann McCormick , 207-771-3769,   ann_f_mccormick@fleet.com