Solution automates processing of accounts payables, reduces processing and working capital costs
New York — November 6, 2003 — JPMorgan Treasury Services, a unit of JPMorgan Chase, today announced an agreement with Xign Corp. to provide an E-Payables solution for the financial settlement of B2B commerce.
JPMorgan and Xign, a provider of e-payables solutions, said they would offer a global electronic invoice and payment service to streamline the processing of accounts payable via the Internet.
The Xign Payment Services Network is an electronic invoice and payment service with over 10,000 participating suppliers that automates such functions of the accounts payable process as including invoice receipt, validation, routing, dispute management, approval, payment initiation and posting.
The companies said the solution include could lower accounts payable processing costs through such functions as front-end paper-to-electronic-invoice conversion, the elimination of data entry and manual routing, the automation of the invoice-to-payment cycle, online supplier visibility, supplier self-service maintenance of banking information, and workflow routing and approval.
Additionally, JPMorgan's introduction of its Payables Discounting product in the United States — the ability for a buyer to extend its payment terms while offering suppliers the ability to get paid early — is an extension of an automated front-end Accounts Payables invoice receipt and approval process.