November 13, 2006 11:00 ET

Xign Total Invoice Management™ Eliminates Handling of Paper Invoices and Expands Early Payment Discount Potential

On-Demand Service Consolidates Paper and Electronic Invoice Processing, Improves Transaction Visibility and Control, and Creates New Opportunities for Early Payment Discounts

PLEASANTON, CA -- (MARKET WIRE) -- November 13, 2006 -- Xign Corporation, the operator of the leading settlement network for business, today announced an extension to the Xign Business Settlement Network -- Xign Total Invoice Management -- that eliminates processing of paper invoices and dramatically expands early payment discount programs to suppliers submitting paper invoices.

Xign Total Invoice Management offers two options for automating 100 percent of paper invoices while ensuring a smooth transition from paper to electronic invoice processing. Global enterprises can integrate their existing imaging systems with Xign and consolidate processing of all invoices through the Xign Business Settlement Network. Alternatively, Xign Total Invoice Management enables paper-to-electronic invoice conversion without the need for in-house imaging systems and support staff. In this case, all invoices are delivered to a secure lock box, then scanned, indexed and attached to a complete electronic record including line-item detail. Accounts payables (AP) departments gain online visibility into all invoices for searching, validation, and printing along with the convenience of archiving invoices and scanned images according to specific compliance requirements. An optional feature provides suppliers with real-time invoice status information, virtually eliminating payment status calls into their customer's AP department.

Xign Total Invoice Management compresses the invoice approval cycle to less than 72 hours on average, or less than half the time that Enterprise Resource Planning (ERP) systems typically require for processing imaged invoices. The Xign on-demand service also offers dual-data entry to ensure higher levels of invoice accuracy.

"Xign Total Invoice Management lets us process paper and electronic invoices in a single, unified system and, for the first time, track non-purchase order invoice status across all of our field approvers," said Robert Simon, director of Shared Services at United Rentals. "With our old process, there was no way for us to track the status of these invoices, much less process them fast enough for discounts. Today, Xign is helping us capture many more discounts and the cost savings will be considerable."

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.

"Xign Total Invoice Management addresses a common requirement of global enterprises to convert paper invoices into electronic form," said George Fan, Xign vice president of marketing and general manager, supplier services. "In addition to the operational cost savings, Xign's approach generates substantial additional savings from the capture of early payment discounts that are largely out of reach when processing paper invoices with legacy imaging systems."

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.

Contact Information

  • Company Contacts:

    Christopher Rauen
    Xign Corporation
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    Michelle Sabolich
    Atomic Public Relations
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