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Press Release
September 27, 2006
Software Upgrade Facilitates More Timely Transfer Of Funds To Suppliers
Huntington Woods, Mich. – InStream Financial™ installed a major upgrade to their Supply Chain early payment software this week. Available to automotive, aerospace, electronic, medical and other industries the upgraded 6.0 system provides multiple end-of-day processing cutoffs for investment and commercial banks, hedge funds, and private equity partners without slowing cash flow to suppliers.
Providing multiple cutoffs means InStream Financial can settle and initiate payment instructions to suppliers' accounts several times a day. This results in a more timely transfer of money to the suppliers' cash management bank, often providing a 24 hour advantage over a conventional single end-of-day processing cutoff.
Jeff Weiss, Technical Operations Manager for InStream Financial said he was confident about the installation. "We upgrade production with new features and fixes multiple times a week. This 6.0 upgrade may have had a larger impact than most, and been longer in the making, but it went as smooth as any I have seen."
"The software's been ready for a while now," said John Wolf, InStream's Product Assurance Manager. “In addition to new functionality for banks, we’ve included features to make supplier setups easier, added new audit and security features and improved the user interface."
InStream Financial, a wholly owned subsidiary of Hennessey Capital Solutions, is a supply chain finance company based in Huntington Woods, Michigan. InStream Financial’s patent-pending Web-based technology delivers efficient, cost-effective working capital strategies for supply chain industries worldwide. For more information, please visit the InStream Financial Website at www.instreamfinancial.com .
Contact: Sherry Tompkins
VP, Marketing and Media Relations
248.658.1200, ext. 265
stompkins@instreamfin.com
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