Skokie, IL, July 31, 2001 -- Today PayNet, Inc. announces the official launch of its PayNet service for the commercial lending industry, taking advantage of the much-touted "second wave" of the world’s technological evolution in commercial credit information. A cooperative network of commercial finance companies representing more than $160 billion net assets are committed to PayNet’s online database illustrating that shared data coupled with the power of the Internet is the future of the commercial credit industry. In exchange for sharing their data, the members have access to PayNet’s exclusive information products and services.

"PayNet is taking advantage of the next step in technological evolution," said PayNet Chairman Dan Michalek. "PayNet is using the Internet the way it was intended: using innovative technology applications to pull together relevant data and then providing exclusive access to its’ members."

PayNet manages the Payment Information Network, the alliance of commercial equipment lessors, who through the confidential PayNet system, exchange their lease and loan payment history information in order to gain access to the company’s proprietary information services. All data is exchanged in a secure and private environment and downloaded directly from lender’s systems.

"Technology can provide a first-line defense in the credit game," said PayNet President Bill Phelan. "And, to date, PayNet produces the only online, comprehensive database of lease and loan payment history information available, an unparalleled resource for credit information."