SOURCE: Xign Corporation

December 11, 2006 11:00 ET

Electronic Invoicing Raises the Bar for On-Time Payment Performance

Customers of Xign Business Settlement Network™ Gain Valuable Sourcing Leverage by Achieving 95 Percent Median On-Time Payment Performance

PLEASANTON, CA -- (MARKET WIRE) -- December 11, 2006 -- Xign Corporation, the operator of the leading settlement network for business, today reported on-time payment performance based upon transactions processed through the Xign Business Settlement Network.

According to business payments processed during the third quarter, top quartile Xign customers achieved a 98 percent or higher on-time payment performance. Median and bottom quartile Xign customers registered 95 percent and 91 percent on-time payment percentages respectively.

"Xign's on-time payment performance data compare favorably with our benchmarking studies of electronic invoicing with major corporations," said Kurt Albertson, program lead, Purchase-to-Pay Advisory Program at The Hackett Group. "According to our research, electronic invoicing is a proven best practice for enhancing payables performance."

The across-the-board achievement of Xign customers demonstrates the effectiveness of electronic invoicing in processing invoices quickly to ensure timely payments to suppliers. In addition to improving on-time payment performance, electronic invoicing eliminates dirty invoices by detecting errors at the point of submission, automates the invoice approval process, and provides suppliers with real-time payment status information. Furthermore, the ability to process an invoice in days compared to weeks or months with paper invoices dramatically expands early payment discount opportunities.

The Xign Business Settlement Network -- or XBSN -- provides an on-demand electronic order delivery, invoice and payment processing, and discount management service for business-to-business commerce. By shifting from paper processing to an electronic settlement network, organizations can reduce their financial settlement costs by more than 50% while greatly enhancing visibility and control for Sarbanes-Oxley compliance. Xign also delivers compelling value to suppliers, including real-time transaction visibility, delivery of detailed remittance information with every electronic payment, no transaction fees, and the opportunity to get paid faster.

"Innovative procurement organizations have long relied on scorecards to effectively monitor supplier performance," said George Fan, Xign vice president of marketing and general manager, Supplier Services. "With financial settlement metrics such as on-time payment percentages, organizations can demonstrate how they have become better customers and gain additional sourcing leverage with their suppliers."

On-time payment performance is one of 12 best practice metrics of financial settlement performance that are tracked by Xign's network benchmarking service, Xign Network Insight. These metrics -- including cycle time, discount penetration, and exception avoidance -- form the basis for tracking and benchmarking processing and working capital performance across the Xign Business Settlement Network.

About Xign Corporation

Xign Corporation operates the leading global settlement network for business. Xign's suite of on-demand applications is the first to automate the complete commerce cycle -- from electronic order delivery to electronic invoice and payment processing -- to streamline operations and monetize working capital. With more than $100 billion in transactions processed and a fast growing network of 40,000-plus global suppliers, Xign offers the most complete and widely deployed service of its kind. Customers include Fortune 2000 companies across many different industries such as Bristol-Myers Squibb, Honeywell, MetLife, Payless ShoeSource, RadioShack Corporation, Southern Company, Sprint, United Rentals, and Verizon Wireless. Xign is headquartered in Pleasanton, CA. For more information, visit

Xign is a registered trademark of Xign Corporation.

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