JPMorgan Chase Bank, N.A. (NYSE: JPM) today announced the closing of its acquisition of Xign Corporation, a leading provider of business-to-business on-demand financial settlement solutions.
The business will be known as JPMorgan Xign Corporation. Under the Agreement and Plan of Merger, JPMorgan Chase has acquired the capital stock of Xign and the company's technology, services and Order-to-Pay domain expertise. Terms have not been disclosed.
PMorgan Chase has worked with Xign to offer its Order-to-Pay solution set since October 2003, enabling customers to automate electronic purchase order delivery, invoicing and payments across Xign's global settlement network of more than 40,000 suppliers.
According to Richard Erario, senior vice president and business executive for Commercial Cards and Procurement Services at JPMorgan Chase, "The modular nature of the JPMorgan Xign solution enables organizations of different sizes across different industries to automate all or parts of their invoicing and settlement processes and thereby drive significant efficiencies and working capital improvements that simply are out of reach with traditional processes."
The acquisition will further JPMorgan Chase's leadership in the Order-to-Pay space as Xign capabilities are more fully integrated into JPMorgan Chase's existing suite of payables solutions and future products are developed. These newly integrated capabilities will enable organizations to transform their financial settlement operations from inefficient, paper-bound activities to streamlined, electronic processes. In addition to dramatically reducing financial settlement processing costs and cycle time, these capabilities will expand early payment discount opportunities, strengthen supplier relationships, and deliver a rapid return on investment.