Business-to-Business Payments Firm Taps Financial Industry Veteran to Lead Company
PROVIDENCE, R.I. — June 13, 2006 — RightPath Payments, Inc., the developer of Business Payment Connection SM, an innovative business-to-business payment and trade finance solution, announced today that it has received a $500,000 seed capital commitment from the Slater Technology Fund of Rhode Island. The company also announced the appointment of Dennis F. Lynch, former president and CEO of NYCE Corporation, as chief executive officer.
RightPath’s seed funding represents one of the largest single investments in Slater’s history. The company plans to expand marketing and sales and to develop partnerships with banks and large non-bank sources of working capital financing for small and middle-market businesses.
RightPath’s Business Payment Connection (BPC) is a patent-pending, web-based software solution that automates and streamlines payment processes by replacing seller trade credit with a lender’s credit. RightPath is the business successor to Collaborative Financial Concepts of Waltham MA, the original developer of BPC.
“The enthusiastic response of our beta customers indicates that the market is clearly ready for a solution like Business Payment Connection,” said Mr.
Lynch. “Sellers of goods and services get paid immediately through BPC; they no longer need to extend trade credit. Their customers, the buyers of those goods and services, get their customary extended payment terms and a source of additional working capital. The banks at the nexus of the buyer-seller relationship have found BPC to be a superb tool for attracting new customers as well as an additional source of fee and interest income.
“We anticipate that the increase in marketing and sales activities resulting from the Slater Fund’s investment will set us on a path to rapid growth,” he concluded.
Dennis Lynch is a recognized authority in the field of electronic payment and credit products. He served ten years at NYCE, a payments network that connects more than 2,200 financial institutions with more than 310,000 ATMs and nearly two million point-of-sale locations nationwide. He was chairman of the New England-wide Yankee 24 ATM network that merged into NYCE in 1994. Mr. Lynch was also a senior vice president of Fleet Bank, where he was responsible for business development and marketing of self-service products, including ATMs, card products, phone services, and emerging products.
“We are pleased to join forces with Dennis and the RightPath team as they expand operations within Rhode Island. They have a well-conceived plan and business model that will enable RightPath to meet a substantial market need for a technology-driven financing solution for energetic, growing companies,” remarked Thorne Sparkman, managing director of the Slater Technology Fund.
“Their hard work to date has resulted in an innovative web-based system that is being used by real customers performing real transactions. We are looking forward to working with Dennis as he takes the company to the next level.”