AutoScribe Announces that Lyons Commercial Data is Now a Business Unit of AutoScribe Corporation.Business Editors/High-Tech Writers ROCKVILLE, Md.--(BUSINESS WIRE)--Nov. 4, 2003 AutoScribe Corporation, one of the nation's oldest and most respected providers of payment processing technology, announced today that Lyons Commercial Data is now a business unit of AutoScribe Corporation. Lyons, also based in Rockville, MD specializes in providing settlement-related data for financial institutions, identity intelligence, USA PATRIOT Act USA PATRIOT Act [Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorists], 2001, U.S. compliance solutions, and is the nation's largest privately-held supplier of bank routing information. "We see this as a unique strategic opportunity," said Robert E. Pollin, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AutoScribe, "to combine two strong and profitable companies into an integrated market leader whose scale will drive even greater growth and client value." AutoScribe and Lyons share many clients, and there is a great deal of synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. between their product lines, Pollin said. "The benefits of this transaction are many. The combination of AutoScribe and Lyons provides a single source for financial intelligence and transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. that is stronger, deeper, and greater than the sum of its parts." Both companies will retain their names and trademarks, Pollin said. About AutoScribe Corporation AutoScribe(R) builds integrated payment technologies and provides services that bridge the gap between businesses' core accounting systems and their payers. AutoScribe's pioneering systems have assisted credit, sales, and collection departments accelerate cash flow, automate To turn a set of manual steps into an operation that goes by itself. See automation. payment processing, and streamline front and back office administration. Since 1988, AutoScribe has set the standard for quality, innovation, and system design in payment processing applications. More than 40% of the top receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed management companies rely on AutoScribe's solutions to process millions of payments each month. http://www.autoscribe.com About Lyons Commercial Data, Inc. Established in 1996, Lyons Commercial Data, Inc. is the nation's largest independent publisher of bank routing information. More than 2,500 US financial and credit institutions rely on Lyons to provide financial intelligence for transaction processing - including bank routing information, OFAC/USA PATRIOT Act Patriot Act: see USA PATRIOT Act. compliance, account number verification, and other services critical to transaction processing. Lyons customers include financial institutions, national and municipal government offices, insurance companies, treasury departments, and payroll processing operations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . http://www.lyonsreg.com |
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