HARTFORD, Conn., Jan. 11, 2002 (PRIMEZONE) -- TyMetrix, Inc., a pioneer in developing electronic invoicing and financial management technologies and a leader in providing Internet application services to the legal community, announced today that it has finalized an agreement to provide Bank One Corporation with a full range of services to its Law, Compliance and Government Relations department, including electronic invoice processing and transactional data analysis, integration with their accounts payable system, in-house and law firm Web-based time and billing tools, in-house and outside counsel collaboration, and matter management.
Mike Curreri, TyMetrix Senior Vice President, stressed the importance of TyMetrix' position in the industry as the only legal services provider with Tier 1, Web-based security and a fully integrated, matter and financial information management system: "We are most pleased to be working with Bank One, a company and legal department renowned for innovation, excellent management and commitment to quality," he said. "Given their special requirements for data integrity as a financial institution and their need for the full panoply of services we provide, we are especially pleased to have been their choice for this demanding assignment."
Leonard Gail, Senior Vice President and Deputy General Counsel for Bank One, elaborated: "We chose TyMetrix based on their leadership position in the industry and the fact that their systems successfully address our requirement for security and will permit us to better serve our clients and our customers. TyMetrix has unequalled experience in both e-billing and collaboration and an award-winning matter management system that ties those critical components together in one integrated offering."
TyMetrix' matter management system, called CynOps, was honored last Fall by Microsoft as the only legal services provider to be named a finalist in its annual MEC awards.
In addition to its groundbreaking, ASP model technologies, Gail pointed to TyMetrix' proven, five-year record in an essentially new industry, and its financial viability and management team. "We know they're in it for the long haul," he observed. "This is an ongoing, collaborative process with lots of fine-tuning on the way, and they have the people and the knowledge to take us where we want to be."
Bank One will be using these tools for their entire Law, Compliance and Government Relations Department. "This solution," Gail continued, " gives us tremendous flexibility. Not only can we begin streamlining our invoice processing and review activities in areas that are of immediate and critical importance, but we see the potential for savings and better management across the full range of our department's activities."
Gail also emphasized the premium placed on TyMetrix' reporting capabilities. "No other system we saw blends matter management so successfully with financial data analysis and the billing transactions underlying our work with outside counsel," he said. "This gives us remarkable management capabilities. It will provide a basis for understanding outside counsel's work in terms that will allow us to evaluate their performance and maximize our success - all to the benefit of our clients and customers."
About TyMetrix
TyMetrix, Inc., empowers Corporate Law and Claim Departments to reach new levels of partnership and performance with outside counsel by delivering law firm performance metrics and transactional data analysis for decision-makers nationwide. As the pioneer in developing legal e-billing and collaborative matter management technologies over the Internet, TyMetrix continues to break new ground in providing services to the legal community through robust analytics and reporting tools, custom systems design, and unrivaled, consultative service and support. Its clients include several of the largest insurance companies and major corporate law departments throughout the country with participating law firms everywhere, including many of the AmLaw 200.
This press release can be viewed at the Press Release Network site at http://www.pressreleasenetwork.com