Xign Extends Enterprise Order to Pay Market Leadership

Xign Extends Enterprise Order to Pay Market Leadership

2004 Sales Double; On-Demand Service Settles $50 Billion in Spend; Supplier Network Approaches 18,000 Shared Suppliers

PLEASANTON, Calif., Jan. 31 /PRNewswire/ -- Xign Corporation, the leading provider of on-demand Enterprise Order to Pay automation, today announced significant company milestones that extend the company's market leadership. Since its inception in July of 2001, Xign's on-demand Order to Pay service -- the Xign Payment Services Network -- has processed more than $50 billion in B2B transactions and enrolled about 18,000 shared suppliers in the network.

During 2004, Xign added an impressive roster of Fortune 500 companies across many industries, including automotive and equipment rental, insurance, telecommunications, retail, consumer-packaged-goods (CPG), pharmaceutical, and healthcare. These new Xign customers, which include MetLife, Southern Company, Purdue Pharma, Sony Music USA, and The Williams Companies, contributed to record sales that more than doubled 2003 levels.

Driving Xign's performance is the recognition among more large organizations of the business value of automating Order to Pay processes. 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.

As an on-demand service, Xign Order to Pay can be deployed quickly and requires virtually no maintenance. Unlike earlier B2B e-commerce networks that connected buyers and suppliers, the Xign service delivers compelling value to suppliers, including increased transaction visibility, delivery of detailed remittance information with every electronic payment, and the opportunity to get paid faster. Buyers rely on Xign to compress and simplify the Order to Pay cycle and capture substantial savings from early payment discounts. According to Xign surveys of Fortune 500 companies, the cost savings from early payment discounts can be from five to ten times greater than the operational cost savings.

"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."

About Xign Corporation

Xign Corporation is the leading provider of on-demand Enterprise Order to Pay automation, with over $50 billion in transactions processed, a fast growing network of more than 17,000 suppliers, and business partners that include JPMorgan Chase and MasterCard International. For more information, visit www.xign.com.

Xign is a registered trademark of Xign Corporation.


Company Contact:
Chris Rauen
Xign Corporation
Tel: 925-251-4514
Email: chris.rauen@xign.com

Agency Contact:
Chris Greenfield
Project PR
Tel: 650-233-8283
Email: chris@projectpr.com


Source: Xign Corporation

CONTACT: Chris Rauen of Xign Corporation, +1-925-251-4514 or
chris.rauen@xign.com; or Chris Greenfield of +1-650-233-8283 or
chris@projectpr.com, for Xign Corporation

Web site: http://www.xign.com/


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