ControlPay and CASS Information Systems, Inc. Will Inspect World-Wide Transportation Invoices

BREDA, The Netherlands and ST. LOUIS, Missouri, April 18 /PRNewswire/ -- ControlPay b.v. and CASS Information Systems, Inc. (NASDAQ: CASS) today announced that they have begun a strategic collaboration that will offer a world-wide solution for inspecting transport invoices.

Both parties are market leaders in this area, Cass in the United States and ControlPay in Europe. Together, they already manage more than 15 billion Euros in transportation costs, which both parties expect to increase soon.

Karel Kinds, CEO ControlPay, says: "This collaboration is a huge step forward in the areas of Freight Audit and Payment. Now, we can offer our joint customers a world-wide solution for the inspection and payment of transportation invoices. The partnership will produce a surplus value for the services we both provide, since we are no longer limited by regions."

Freight Audit and Payment means that the inspection and payment of transportation invoices is outsourced, and has existed in the US for many years now due to government regulation. In Europe, this kind of outsourcing is quite new, but its demand is currently growing. In Europe there is only one company as of yet that is completely specialized in this area, most likely a result of the complexity and the apparent obscurity of the matter.

However, the operating procedure itself is not complicated: only one tariff database is set up for both the client and the transportation company, which is accessible to both parties through the internet. Modifications that influence the transportation costs (such as weight, times, distances, etc.) can be processed directly, which always leads to a correct total amount. The database is continuously audited by accountants like KPMG, which is why none of the involved parties should doubt the result of the calculation.

In the end, both the freight provider and transportation company profit from this approach. They no longer lose time on intensive invoice inspections or on sending credit and debit notes. Now, the invoice is made immediately and correctly, and is balanced and subsequently paid without unnecessary delays.

Recent research (AberdeenGroup) proved that more than 89% of multinationals will use such a service within 2.5 years. This is due to the large savings they could obtain with this service, which could amount to 8% of the total freight. Since transportation costs amount in Europe amount to 900 billion Euros yearly, this would mean a savings of about 70 billion Euros!

ControlPay is the European organization that concentrates on the inspection of transportation invoices. In 2002, it started to develop the required software for this service and now has customers such as Gillette, Bridgestone, Avery Dennison and Philips. The main office is situated in Breda and the Customer Service and IT departments are located in Kiev, Ukraine.

CASS has been active in the inspection and payment of freight invoices for third parties since 1935. The many years of experience and the support of its internal bank, CASS Commercial Bank, established in 1906, make the organization unique in this branch. CASS' main office is situated in Saint Louis, USA.

For additional information:

www.controlpay.com

www.cassinfo.com

For additional information: Karel Kinds, +31(0)765-991-590