Xign Reports $50 Billion in B2B Transaction Volume

The PayPass key fob device fits on a key chain for easy access, so customers can make payments on purchases with a simple tap on a PayPass reader at participating merchants...and go. Following the initial launch in the New York market beginning this fall, Citibank plans to roll out 2.5 million PayPass debit devices across the country.

By employing on-demand Order to Pay automation, Xign customers have eliminated 99% of invoice exceptions and achieved on-time payment percentages of 99.8%. Xign customers also have achieved high success rates in supplier enrollment and satisfaction ratings greater than 90% from participating suppliers. In addition to realizing these business process efficiencies and operational cost savings, Xign customers began using Xign's unique discount management functionality, expanding discount opportunities to many suppliers that had never offered them in the past.

"The commercial success of electronic invoice and payment solutions is evidence of the rising importance of Order to Pay automation within procurement and corporate finance," said Jeff Pikulik, director of buy-side research at AberdeenGroup. "While the A/P cost savings associated with Order to Pay automation are well documented, what has become increasingly clear is that Order to Pay automation also enables organizations to fuel a second wave of procurement savings by closing the loop on the procure to pay process."

"We're proud of these achievements and expect continued growth in settlement volume in the coming year," said Tom Glassanos, Xign president and CEO. "Order to Pay automation is attracting the attention of more corporate financial executives, who recognize the substantial earnings opportunity from early payment discounts."