FirstEnergy and Cinergy Choose Pantellos eSettlement Network
Cinergy Corp. and FirstEnergy Corp. have selected the Pantellos eSettlement Network – an electronic payables system – to further automate their procure-to-pay processes. The utilities chose the solution to lower accounts payable (A/P) processing costs, reduce error rates, achieve better visibility and control over payment methods, and strengthen supplier relationships, according to Pantellos. Based on the ePayables solution from Xign Corporation, the Pantellos eSettlement Network is an electronic invoice and payment service that helps utilities automate their financial settlement processes. The service creates a secure settlement network that enables utilities and their suppliers to exchange electronic invoices and payments, capture early payment discounts, resolve disputes in real-time and improve cash forecasting.