RAIT Investment Trust Selects Bottomline Technologies' WebSeries.Business Editors/High-Tech Writers PORTSMOUTH, N.H.--(BUSINESS WIRE)--May 25, 2004 WebSeries to automate and control cash processing and reporting to streamline and further strengthen established internal control processes mandated by Sarbanes-Oxley Bottomline Technologies (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : EPAY), a leading global technology provider of Financial Resource Management (FRM FRM From FRM Form FRM Fixed-Rate Mortgage FRM Financial Risk Manager (GARP) FRM Fondation pour la Recherche Médicale FRM Financial Resource Management FRM Final Rulemaking FRM Fiber-Reinforced Metal FRM Federal Reference Methods ) software and managed services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality , today announced that RAIT RAIT Redundant Array of Inexpensive Tapes RAIT Radioiodine Therapy RAIT Ram Rao Adik Institute Of Technology RAIT Request and Authorization for In-scope Tasking RAIT Rdma Applications Implementations and Technologies Investment Trust (NYSE NYSE See: New York Stock Exchange :RAS (1) See network access server. (2) (Remote Access Service) A Windows NT/2000 Server feature that allows remote users access to the network from their Windows laptops or desktops via modem. See RRAS and network access server. ) has selected its WebSeries(R) payment lifecycle management software. RAIT, a real estate investment trust with more than half a billion dollars in assets, provides structured financing to owners of commercial real estate, including senior and mezzanine lending and preferred equity investments. RAIT will use WebSeries to automate and control cash processing and reporting to further strengthen its internal control processes, as mandated by Sarbanes-Oxley. RAIT Chief Financial Officer, Ellen DiStefano, said, "We are excited to partner with Bottomline Technologies to help us automate our cash processing and reporting functions. We expect that WebSeries will enhance our operating efficiency and internal control environment, and keep us ahead of the curve as it relates to Sarbanes-Oxley compliance." WebSeries is a comprehensive, Web-enabled payment and financial information management system that uses client-defined business rules to automate and control payment processing in a secure and scalable environment. RAIT will use WebSeries specifically for wire-transfer processing and for daily reporting of account activity and balances. WebSeries will enable payment activity and bank balance data to be automatically uploaded to the general ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. . Joe Mullen Joseph Mullen (born February 26, 1957 in New York, NY) is a retired American professional ice hockey player who played 17 seasons in the National Hockey League with the St. , 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 Bottomline Technologies, said, "Bottomline Technologies is pleased that RAIT Investment Trust has chosen WebSeries to help streamline its internal cash processing and reporting. WebSeries can provide an automated solution for both large and small organizations aiming to add efficiency and meet compliance objectives." Bottomline's comprehensive set of Financial Resource Management (FRM) offerings enable businesses and financial institutions to more effectively manage critical financial transactions, cash decisions and trading partner relationships. About RAIT Investment Trust RAIT Investment Trust (NYSE:RAS), a real estate investment trust, is a specialty finance company focused on the mid-size commercial real estate industry. RAIT provides structured financing to private and corporate owners of real estate, including senior and mezzanine lending and preferred equity investments. RAIT also acquires real estate for its own account. About Bottomline Technologies Bottomline Technologies (NASDAQ: EPAY) is a leading global technology provider of Financial Resource Management (FRM) solutions. Bottomline's comprehensive set of FRM offerings enables businesses and financial institutions to more effectively manage their critical financial transactions, cash decisions and trading partner relationships, leveraging the Web. FRM applications include Electronic Payments and Cash Management, Electronic Invoice Receipt and Management, Electronic Invoice Presentment and Payment (EIPP EIPP Electronic Invoice Payment and Presentment EIPP Electronic Invoice Presentment and Payment ), Electronic Banking, Information Reporting, and Document Output Management. Founded in 1989, Bottomline maintains its corporate headquarters in Portsmouth, NH and international headquarters in Reading, England. For more information, visit Bottomline on the Web at www.bottomline.com, or dial (800) 243-2528 or (603) 436-0700. Bottomline Technologies is a registered trademark of Bottomline Technologies, Inc. All other brand/product names are trademarks of their respective holders. Cautionary Language This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including statements regarding expected benefits of use of the Company's products and future growth or results. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are competition, market demand, technological change, strategic relationships, recent acquisitions, international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and general economic conditions. For additional discussion of factors that could impact Bottomline Technologies' financial results, refer to the Company's Form 10K filed September 2003, Form 10Q filed May 2004 and any recently filed Form 8K's. |
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