JPMorgan Xign Adds Electronic Procure-To-Pay Services - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Software // Enterprise Applications

JPMorgan Xign Adds Electronic Procure-To-Pay Services

The Procure-to-Pay service ties companies' procurement operations and accounts payable systems onto a single platform, says JPMorgan Xign.

JPMorgan Xign, which provides on-demand electronic global settlement services for supply chain management, has expanded its offering.

The new Procure-to-Pay services are an extension of JPMorgan Xign's existing hosted Order-to-Pay services, which allow companies to automate electronic purchase order delivery, invoicing, and payments across JPMorgan's proprietary business settlement network of more than 55,000 suppliers.

The new Procure-to-Pay services tie companies' procurement operations and accounts payable systems onto a single platform, said Christopher Rauen, a JPMorgan Xign VP, in an interview.

So, instead of having a hand-off in processes and systems between procuring products through suppliers' catalogs and paying -- or settling -- for those purchases, the Procure-To-Pay services provide a seamless link between those applications.

As an extension to Order-to-Pay, Procure-to-Pay services "go back one step earlier in the ordering process," by automating catalog, contract, and special requests to suppliers.

JPMorgan acquired Xign in May. JPMorgan Xign also disclosed that since then, four new large customers have signed on to use Order-to-Pay -- Key Energy Services, Qwest Communications, Tiffany & Co., and Verizon Communications -- bringing the tally up to about 50 companies.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
Slideshows
10 Trends Accelerating Edge Computing
Cynthia Harvey, Freelance Journalist, InformationWeek,  10/8/2020
Commentary
Is Cloud Migration a Path to Carbon Footprint Reduction?
Joao-Pierre S. Ruth, Senior Writer,  10/5/2020
News
IT Spending, Priorities, Projects: What's Ahead in 2021
Jessica Davis, Senior Editor, Enterprise Apps,  10/2/2020
White Papers
Register for InformationWeek Newsletters
Video
Current Issue
[Special Report] Edge Computing: An IT Platform for the New Enterprise
Edge computing is poised to make a major splash within the next generation of corporate IT architectures. Here's what you need to know!
Slideshows
Flash Poll