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A promising entry in the business-to-business settlement arena debuts this month, as Xign Corp.'s payment exchange goes live with its first six commercial customers.
Already being used by the federal government to make payments for the Department of Defense, the system allows for direct settlement of funds between trading partners through the banks of their choice, letting both sides track pending payments as they are invoiced, approved, and paid. Headed by former PeopleSoft executive VP Tom Glassanos and a team of former S1 Corp. system engineers. Xign's first customers include a large company that will implement Xign's software across its supply chain, Glassanos says.
Gartner senior analyst Susan Landry calls the system "an interesting newcomer with an appealing model, but in a crowded space."
Adding to that crowd--which also includes banks, credit-card companies, and tech providers--Pitney Bowes Inc. this week expanded its B-to-B product line to include an electronic payment service dubbed PitneyPay. In the next few months, Pitney Bowes plans to link PitneyPay with its docSense bill-presentment service, so corporate customers can both send and receive payment for their bills electronically through a single source. Says Pitney Bowes Capital Services VP Michael Ryan, "DocSense will build a bridge to your bank, and we'll move your money across the bridge as well."
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