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In the mid-80s, widely adopted commercial accounting systems did not offer the capabilities to print checks on laser printers. As a result, companies relied on mainframe applications and aging impact printers to produce negotiable documents on pre-printed stock. The process offered little security, flexibility or control. Payformance saw the opportunity for innovation and developed the industry’s first MICR laser check software solution. By seeing and filling this critical gap in accounting systems, Payformance led the way to a new standard in managing sensitive accounting documents. While numerous vendors sprang up to copy Payformance, it would be another 10 years before the accounting system vendors themselves began to fill the gap in their own systems.
When laser check printing was first gaining acceptance, companies were content to manage the process within one area of the company, perhaps in a central accounting office or within the Human Resources department. Few companies dreamed about distributing the printing process - until Payformance saw the chance for another innovation. Building on the success of its single site system, Secure32, Payformance introduced Secure32 Enterprise Edition, the first system purpose-built to distribute check printing across an entire enterprise, while still providing for total security and control.
Payformance took on a leadership role once again in the year 2000 by introducing outsourcing services for payment processing and accounting document production. While Payformance had over 2,500 customers worldwide using Secure32 software solutions, it recognized that many more companies viewed the management of in-house document production as a distraction to their core competencies. For companies with this view, Payformance delivered a technically advanced accounts payable outsourcing solution, a solution that continued a tradition of security, control and convenience. Unlike many outsourcing services, Payformance provided an advanced Web-based application to allow users to submit jobs, track jobs, manage document distribution, and generate reports.
Today, Payformance is the industry’s most innovative provider of Electronic Funds Transfer and Electronic Remittance Advice solutions. By automating the last phase of the healthcare claims process – payment and remittance – PaySpan Health optimizes funds transfer and remittance delivery and brings the promise of HIPAA administrative simplification to reality.
With the recent sale of the Corporate Payments Division to SunGard, Payformance is exclusively focused on the healthcare industry. To learn more about the healthcare settlement solutions offered by Payformance, please visit www.payformancehealth.com.
To learn more about the corporate payments solutions now offered by SunGard, please visit www.sungard.com/avantgard.
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