Mellon Acquires ClearTran

Mellon Financial Corporation today announced that it has acquired ClearTran, a leading provider of electronic and online bill payment solutions.

As consumers continue to prefer the convenience of paying their bills from anywhere at any time, this acquisition complements Mellon’s long-standing presence in the electronic and paper-based consumer receivables marketplace.

This acquisition gives Mellon’s corporate clients another payment alternative for their customers, which can easily be integrated into their current receivables workflow. Under the terms of the transaction, ClearTran becomes part of the Mellon Working Capital Solutions (WCS) business effective immediately, but remains based in Parsippany, NJ. No other transaction terms were announced.

“Like Mellon, ClearTran focuses on helping companies identify and implement solutions that will accelerate their cash flow, while promoting quality, customer service and reliable process control,” said Greg Cicero, senior vice president and head of Mellon WCS. “This is a significant milestone in our ongoing efforts to assist clients who want to employ a variety of electronic alternatives to move their money and thereby derive associated efficiencies. Specifically, we will be able to help clients receive their funds faster and more efficiently, while providing their customers with the convenience of electronic bill payment.”

“By joining Mellon, we will be able to provide our proven solutions to a broader marketplace,” said Joseph Gage, ClearTran chief executive officer. “Their broader, well-established distribution channels will help increase awareness of our capabilities and enable Mellon to introduce their customers to a wider portfolio of easily accessible, easily implemented electronic payment alternatives.”