Bellardine joins Paymetric from JPMorganChase, where he was SVP and Manager of Multicurrency Services and grew revenues from $67 million to $100 million in two years. Prior to JPMorganChase, he served as SVP and Business Executive for Treasury and Trade Services at Bank One, where he grew revenues by $11 million in four years. Bellardine has had direct responsibility for the creation of several business payment solutions that facilitated migration from paper to electronic settlements and improved both quality and timing of information flows between related parties.

"Michael brings 30 years of banking and treasury management experience to our executive team, and is responsible for leading the commercial success of Paymetric's trade receivables management," said Putney. "We have invested substantial resources developing a unique and powerful business solution that helps sellers convert revenue to cash with unprecedented speed and efficiency while enabling buyers to pay on terms tailored to their needs."

"By actively managing the conversion of receivables to cash, Paymetric will enable companies to accelerate their order-to-cash cycle, reduce investment in working capital, improve buyer communication processes, and relieve the burden of paper-based trade receivables," said Bellardine. "We plan to launch the solution with general availability in early 2007 and are currently seeking firms interested in early implementation through the Paymetric Pilot program."