Charter One Bank has selected B2B software outfit Xign to replace the bank's paper invoicing systems with automated payments processing.
Charter One says it chose the Xign Payment Services Network to increase accounts payable efficiency, lower operating costs and, for the first time, capture early payment discounts.
Richard Neu, chief financial officer of Charter One Financial, comments: "We expect that the Xign service will help us tap early payment discounts to improve bank performance while also increasing control over our cash flow."
By providing Xign invoice workflow to hundreds of users, the bank aims to reduce the invoice review and approval process time from weeks to days. In addition, processing invoices electronically will give Charter One more visibility and control over accounts payable liabilities, says Neu.