Payment Services Network Hits $20 Billion Mark

10,000 suppliers sign up for buyer-centric electronic invoice, e-payables service

10,000 suppliers sign up for buyer-centric electronic invoice, e-payables service

Pleasanton, CA  October 30, 2003  Xign Corp., a provider of electronic invoice and payment solutions, this week reported that more than 10,000 suppliers now are active in the Xign Payment Services Network and that total transaction volume has exceeded $20 billion.

The Xign Payment Services Network (XPSN) automates the core functions of the accounts payable process, including invoice receipt, validation, routing, dispute management, approval and payment.

Xign said that the XPSN benefits its users by eliminating paper and data entry, offering visibility into liabilities, providing vendor self-service and allowing control of cash disbursements. Studies by the provider of corporate finance organizations have shown that e-payables solutions save businesses money through operational cost reductions and increases in the number of early payment discounts captured.

In addition, the provider said that the solution could be implemented quickly, and with minimal IT staff resources, because the e-payables solution is hosted and it offers ready-made integration points to buyers' enterprise resource planning (ERP) systems.

The XPSN also provides benefits to suppliers, Xign asserted, including real-time visibility into invoice and payment status, receipt of detailed remittance data to simplify reconciliation and the opportunity to reduce days sales outstanding, or DSO. DSO is a financial indicator that shows the age of a company's accounts receivable in terms of days and the average time it takes to turn them into cash.

"Xign has distinguished itself with its buyer-centric approach to automating the settlement of business-to-business transactions," said Avi Greenfield, senior analyst at Doculabs, a technology consulting and research firm based in Chicago. "The ability of the Xign Payment Services Network to attract a core group of high-profile buyer customers and a network of more than 10,000 suppliers is a testament to the benefits it delivers to both trading partners."

For an update on the e-payables space, tune into the Web seminar "Extending the Success of Corporate Purchasing Card Programs."