Xign Corporation, a provider of business-to-business payments systems, has received an equity investment from MasterCard.
Xign says it will use the investment to expand its sales and research and development activities. The vendor's Order to Pay service streamlines order delivery, invoicing and payment processes.
As part of the deal, Stephen Orfei, senior vice president, e-commerce and e-B2B, MasterCard, will join the Xign board of directors.
MasterCard says the investment is part of its efforts to target growing opportunities in corporate purchase automation. MasterCard initally began working with Xign in 2002 when it introduced an end-to-end automated invoicing-to-payments system for corporate purchasing, which was powered by the vendor's technology.
Tom Glassanos, president and CEO of Xign, says: "By combining Xign's on-demand Order to Pay service with MasterCard's global payment infrastructure, we are uniquely positioned to continue leading the way in automating the settlement of business-to-business spend."