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Technology Stocks : NAP: National Processing, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: JakeStraw who wrote (14)	11/5/2001 9:04:07 AM
From: JakeStraw	Read Replies (1) \| Respond to of 72

National Processing Company Expands Electronic Settlement Offering Introduction of 'AcceleratedPAY(SM)' Seen as Important Step for the Future Delivers New Tools and Key Functionality, Leverages Other NPC Solutions biz.yahoo.com LOUISVILLE, Ky., Nov. 5 /PRNewswire/ -- As part of an effort to expand its current customer base, better serve its customers and lead the industry in providing electronic settlement solutions, National Processing Company (NPC®), a wholly owned subsidiary of National Processing, Inc. (NYSE: NAP - news), today announced the introduction of its new global payment platform, AcceleratedPAY(SM). The market size for electronic settlement and reporting is expected to more than triple in the next ten years. NPC has been a pioneer in electronic settlement, starting over 20-years ago by providing settlement payments for airline tickets sold by travel agencies in the United States. NPC is the sole domestic clearinghouse for travel agency sales for the entire airline industry -- settling approximately $80 billion in 2000. NPC has capitalized on its current electronic settlement platform, Commission Express, by introducing it into different markets, specifically car rental, cruise lines, hotels and tour operators. ``NPC's vision is to evolve the Commission Express product line to continue providing customers with a comprehensive, best-of-breed solution for all phases of electronic settlement,'' said John T. McRae II, senior vice president of Payment Services for NPC. ``AcceleratedPAY is being introduced into the healthcare market. This product will provide payment consolidation and act as a settlement clearinghouse for the healthcare industry, just as NPC does for over 110,000 travel agencies worldwide, in 147 different countries and in over two-dozen currencies, for every airline and major car rental company in the United States.'' ``Healthcare organizations are constantly looking to lower their administrative cost,'' stated John T. McRae II. ``While many insurers are reducing cost through electronic submission of claims, few insurers have automated the payment and settlement functions. With over 2,300 managed care organizations, 690,000 physicians, 120,000 dentists and over 5,800 hospitals in the United States, the healthcare industry is ready for an electronic payment clearinghouse solution.'' ``With this dedicated initiative, NPC is again leveraging its core competencies to expand into new markets,'' stated Thomas A. Wimsett, president and chief executive officer of NPC. ``NPC developed the AcceleratedPay solution to offer managed care organizations the ability to electronically disburse and report payments being made to healthcare providers. With our expertise and proven track record in the airline, car rental, cruise line and merchant processing industries, we are well positioned to become a dominant player in electronic settlement solutions for the healthcare industry.''