JPMorgan Chase acquired Xign Corporation in May of 2007 to form
JPMorgan Xign Corporation. The company has developed the leading global
settlement network for business. With JPMorgan Xign, organizations
transform their financial settlement operations from an inefficient,
paper-bound activity to a streamlined, electronic process. In addition
to dramatically reducing financial settlement processing costs and
cycle time, JPMorgan Xign's solution expands early payment discount
opportunities, strengthens supplier relationships, and delivers a rapid
return on investment.
The
JPMorgan Business Settlement Network, provides a complete electronic
order delivery, invoice processing, and payment service for
business-to-business commerce. With more than $100 billion processed
since inception, a fast growing supplier network of tens of thousands
of global companies, world class customers such as Bristol-Myers
Squibb, MetLife, KeySpan, Payless ShoeSource, Sprint, and T-Mobile, and
best-in-class functionality, JPMorgan Xign offers the most complete and
widely deployed on-demand settlement network of its kind.
The JPMorgan Xign network is quick to
deploy and offers immediate value. Its shared
supplier directory, engineered for financial settlement
processing, leverages supplier participation,
eliminating one-to-one interaction for vendor
set-up and maintenance. JPMorgan Xign integrates easily
with popular ERP, sourcing, procurement, and contract
management applications. It is also pre-integrated
with leading financial services providers to offer
secure, precise movement of funds via bank-provided
Automated Clearing House (ACH) processing and
the MasterCard Corporate Purchasing Card® network.
By collapsing the time required to approve and
pay invoices, JPMorgan Xign's on-demand settlement network helps A/P organizations
reduce their payables processing costs by more
than 50 percent and, for the first time, monetize
early payment discounts. For suppliers, JPMorgan Xign
offers an easy, self-enrollment service that delivers
real-time settlement information to better manage
day sales outstanding (DSO), quickly apply cash,
and lower collection costs.
Key Benefits of JPMorgan
Business Settlement Network
