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Morgan Stanley, Clareon Expand Relationship

Morgan Stanley , the New York financial services giant, has adopted new electronic payment software from Clareon, of Portland, Maine.

The deal's value was not disclosed. Morgan Stanley is also an investor in privately held Clareon.

"By using Clareon's PayMode, we include detailed remittance information with our vendor payments, helping us to cut costs internally and realize maximum efficiency in our accounts payable process," said Eileen Gargiulo, a Morgan Stanley executive director .

Clareon is enacting its Accelerated Enrollment Program. Launched in July, the offering allows Morgan Stanley's vendors and suppliers to receive payments and remittance using PayMode.

"Our solution will enable Morgan Stanley to receive better terms from vendors and suppliers, increase the return on its existing technology investments, predict cash flow more accurately and lower overhead costs," said Paul Walsh, Clareon's president and CEO.

Founded in the mid-1990s, Clareon's technology was piloted in 1998. It is used by a private and public sector customers including Fairchild Semiconductor , the state of Maine, and Lydall .