Provider expects service to improve financial settlement performance; taps Xign Network transaction history
Pleasanton, CA — June 22, 2006 — Xign Corp., a provider of on-demand order-to-pay solutions, has unveiled Xign Network Insight, a network-based benchmarking service for tracking and improving financial settlement performance.
Combining Xign best practice knowledge with historical transaction data contained within Xign's market-leading settlement network, the new service offers global corporations a foundation for improving financial settlement results.
Xign Network Insight addresses 12 metrics of financial settlement performance that are part of Xign's best practice methodology. These metrics — including cycle time, on-time payment, discount penetration, and exception rate — form the basis for tracking and benchmarking processing and working capital performance across the Xign Network. Relationship managers then work closely with clients to interpret and act upon the insights gained.
The Xign Business Settlement Network (XBSN) has a history of nearly $100 billion in transactions, which means its financial settlement database is very robust. Xign Network Insight applies proprietary analytics to the Xign Network data to compare individual company performance against aggregate results available by industry and spend category.
George Fan, Xign vice president of marketing and supplier services, commented, With Xign Network Insight, global organizations have at their disposal a valuable asset that allows them to realize the full potential of next generation on-demand solutions like Xign.