The buyout fund Purepay LLC of Columbus, Ohio, announced Monday that a portfolio company, Purepay Receivables Automation, has won a contract to provide an image-based payments processing system to the Henry County Water and Sewerage Authority in Georgia.
The authority, which serves 54,000 customers, plans to replace a manual payment posting system with Purepay Receivables' ItemAge Express system, which includes components for image archive and retrieval, courtesy and legal amount recognition, automated matching of account numbers using magnetic inc character recognition, hot files for flagged customer accounts (such as those with a "cash payment only" status), and automated updates to its Cogsdale customer information system, said Purepay, a $100 million buyout fund that launched in January 2007.
