Pleasanton, CA April 25, 2002 Xign Corp., a provider of financial settlement applications and services, announced a new release of the Xign Payment Services Network (XPSN Version 3.0), offering an electronic invoice application.
According to Xign, the network is designed to automate all the functions of the accounts payable (AP) process, such as invoice receipt, validation, routing, dispute management, approval, payment and posting. Additionally it offers such things as electronic invoice capture, real-time invoice validation and supplier communication.
The company believes the software will make the traditionally paper-intensive process more efficient, cutting administrative costs for both buying and selling organizations, as well as getting rid of payment delays that tie up hundreds of billions of dollars in excess U.S. working capital.
"Automating invoice receipt and processing is vital for businesses to reap the full benefits of electronic payment processing," said Avivah Litan, vice president and research director at Gartner Group. "With the XPSN, Xign is targeting cost savings potential, since handling paper invoices is the most costly administrative component of accounts payable processing."
The XPSN Release 3.0 is implemented as a secure Web service that establishes a virtual trading web for all activities related to invoice and payment processing. The software plug-in enables integration with any existing enterprise resource planning (ERP) applications and financial accounting systems, facilitating the electronic exchange of data files from suppliers and implementation in just weeks.
"The XPSN 3.0 is a major step in our vision to bring clarity and efficiency to B2B settlement," said Tom Glassanos, president and CEO of Xign. "Now, for the first time, AP organizations can transition to a truly touchless process that drives measurable cost savings to the bottom line."