Mellon to Provide Investment Manager Solutions Clients with Enhanced Billing Services

Redi2 Technologies solution allows Mellon platform to accommodate wide variety of fee schedules and client invoicing formats

Pittsburgh, PA (PRWEB) November 17, 2004 -- Mellon Financial Corporations Investment Manager Solutions (IMS) business today announced the adoption of invoicing technology from Redi2 Technologies, Inc., that will significantly enhance IMS billing and invoicing capabilities.

The first major custody provider to provide complete outsourcing capabilities, including securities processing and financial accounting operations, to financial service firms, IMS will incorporate the advanced features of Redi2 Technologies Redi2 Revenue Manager solution into its operating platform. The resulting enhancements will allow Mellon to accommodate a wide variety of fee schedules and billing formats in providing billing services as part of back- and middle-office outsourcing arrangements.

Customer billing services represent an important aspect of back- and middle-office outsourcing arrangements," said Joe Kikta, Billing Services product manager at IMS. Redi2 Revenue Manager was especially responsive to our two most important evaluation criteria: it incorporates exceptional billing and invoicing technology, and has emerged as a preferred, flexible solution in the investment management industry."

Redi2 Revenue Managers ability to securely calculate fees, manage the invoice generation and approval processes, generate management reports, manage the accrual and reconciliation processes, and post fee records to client accounting systems makes it an ideal addition to Mellons operating platform," said Seth Johnson, chief executive officer of Redi2 Technologies. Having our solution become part of Mellons platform is an ideal way for us to offer the advantages of our premier fee billing and revenue management solution to investment managers looking to outsource their back- and middle-office operations."

An investment management software products and services company headquartered in Oakland, Calif., Redi2 Technologies, Inc. is a premier provider of fee billing and revenue management solutions to institutional investment, private wealth, custody and general asset management firms. Asset management firms implement Redi2 Revenue Manager to improve cash flow, reduce global operating costs, improve client service and assist in compliance. Redi2 Technologies recently released Redi2 Revenue Manager 4.0 can be deployed on Oracle, Sybase, MS-SQL Server, and IBM DB2 relational database platforms, and Sun Solaris, IBM AIX, MS Windows Server, and Linux operating systems. News and other information about Redi2 is available at www.redi2.com.

Supporting more than 30 clients and a total asset base in excess of $350 billion, IMS brings together Mellons extensive and proven asset servicing capabilities to meet a broad range investment manager outsourcing requirements. IMS operates service centers in Boston, Pittsburgh, Los Angeles and London, and with its Eagle Investment Systems subsidiary and Russell/Mellon joint venture offers clients a wealth of investment accounting and analytics and performance measurement solutions.

Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the worlds leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources and investor solutions, and treasury services. Mellon has more than $3.6 trillion in assets under management, administration or custody, including more than $675 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at www.mellon.com.

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