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Cash management banks have bragged for years about their ambitions to provide robust A/P and A/R outsourcing, but so far they have approached that turf only indirectly via purchasing cards or electronic invoice presentment and payment (EIPP). In December, Pittsburgh-based Mellon Financial Corp. changed all that when it wrote a check to buy a privately held College Station, Texas–based A/P outsourcing provider, SourceNet Solutions Inc. With that purchase, Mellon made a big bet on the world of integrated financial processes–even though it will be months before the bank is able to link SourceNet’s A/P services to its global cash management services. “Until now, we were primarily helping customers execute payments, including printing and mailing checks on their behalf,” notes Robert W. Stasik, executive president and head of Mellon’s global cash management operation. “Now, we have a solid presence in both handling payments and doing the back office activities like invoicing, matching, getting necessary approvals and resolving disputes. This really complements our strategy to offer total financial solutions.”

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