THE WOODLANDS, Texas, June 16, 2004 — Pantellos, an electronic marketplace and supply chain solutions company for the energy industry, announced that Southern Company has selected Pantellos DirectSettle, powered by Xign, the latest version of Pantellos’ electronic invoice and payment solution. Using Pantellos DirectSettle, Southern Company will now have the ability to electronically transact with its supplier base, capture invoice early payment discounts and maximize the functionality and automation capabilities of electronic supply chain solutions.
“Pantellos DirectSettle is a smarter way of doing business and helps us maximize our investments in existing Pantellos e-sourcing and e-procurement technologies,” commented Jacki Lowe, vice president of supply chain management for Southern Company. “We look forward to extending our electronic interaction with both large and small suppliers to deliver greater business results to both Southern Company and our valued supplier community.”
Branded to reflect new upgraded functionality, Pantellos DirectSettle now offers customers integration with the Pantellos eMarketplace and allows customers to benefit from e-payment capabilities without investments in additional hardware or software behind their firewall. Pantellos DirectSettle also provides access to the analytic capabilities of the Pantellos eMarketplace to track transaction details, such as purchase orders, procurement spend by supplier and total procurement spend under management, as well as enhanced customer support.
Based upon the Enterprise Order to Pay service from Xign Corporation, Pantellos DirectSettle electronically enables the entire invoice payment process for customers and their suppliers, including online invoice receipt, invoice approval and processing, payment, remittance, reconciliation and dispute resolution. To support supplier enrollment, customers have access to Pantellos Supplier Adoption services that coordinate and manage the electronic enablement process of their supplier base. For suppliers, Pantellos DirectSettle provides the ability to reduce accounts receivable processing costs, improve cash forecasting, detail remittance information and reduce invoice payment cycles.
“E-settlement completes the electronic supply chain from procure to pay,” commented Jim Neikirk, president and CEO of Pantellos. “The features and enhanced capabilities Pantellos DirectSettle offers will help our customers maximize current investments in e-sourcing and e-procurement technologies while streamlining internal processes, improving relationships with suppliers and delivering bottom line savings.”
Pantellos DirectSettle is available today. Existing Pantellos eSettlement Network customers will be upgraded to Pantellos DirectSettle in late June 2004, according to scheduled solution roll-out plans and solution maintenance. For more information, please visit: www.pantellos.com.
About Southern Company
With 4 million customers and nearly 39,000 megawatts of generating capacity, Atlanta-based Southern Company is the premier super-regional energy company in the Southeast and a leading U.S. producer of electricity. Southern Company owns electric utilities in four states, a growing competitive generation company, an energy services business and a competitive retail natural gas business, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and retail electric prices that are 15 percent below the national average.
Southern Company has been named three consecutive years No. 1 on Fortune magazine’s “America’s Most Admired Companies” list in the Electric and Gas Utility industry. Southern Company has been ranked the nation’s top energy utility in the American Customer Satisfaction Index four years in a row, and in the latest survey tied for the highest score among all service industry companies. Southern Company has more than 500,000 shareholders, making its common stock one of the most widely held in the United States. Visit the Southern Company Web site at www.southerncompany.com.
About Xign Corporation
Xign Corporation is the leading provider of Enterprise Order to Pay (EOP) software and services used by business and government for B2B commerce. The Xign Payment Services Network is the first on-demand EOP service that automates the complete EOP cycle-from electronic order delivery to electronic invoice and payment processing-to streamline operations and monetize working capital. With over $30 billion in transactions processed and a fast growing network of more than 13,000 suppliers, Xign offers the most complete and widely deployed EOP service of its kind. Business partners include industry leaders JPMorgan Chase, MasterCard International and Pantellos. Xign is located in Pleasanton, California. For more information, visit www.xign.com.
Pantellos is the leading supply chain solutions company for the energy industry. Built by the industry, for the industry, Pantellos delivers deep knowledge and expertise around a broad suite of supply chain tools and services to its trading community of more than 30 buyer and 500 supplier companies. Pantellos Marketplace solutions enable customers to electronically transact on a host of direct and indirect goods and services through either integration with its Marketplace or via managed Web solutions.
Since inception, utilities have used Pantellos to source, procure and manage more than 100 categories of products and services. Pantellos offers supply chain solutions in the following categories: sourcing services, enterprise e-sourcing, e-procurement, contractor services management, e-settlement and program implementation. www.pantellos.com.
Established in 2000 by some of North America’s largest utilities, Pantellos founders include: American Electric Power; Cinergy; Consolidated Edison, Inc.; Dominion Resources; DTE Energy; Duke Energy; Edison International; El Paso Energy; Entergy; Exelon; FirstEnergy Corp.; FPL Group; Ontario Power Generation; PG&E Corp.; Progress Energy; Public Service Enterprise Group; Reliant Resources, Inc.; Sempra Energy; Southern Company; and TXU. Pantellos is based in The Woodlands, Texas, USA. For more information, please visit: www.pantellos.com.