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Charter One Bank Selects Xign to Streamline Order to Pay Cycle

Wednesday 10 March 2004 08:54 CET | News

Charter One Bank, has selected Xign to replace the Banks paper invoice processing with electronic invoice processing.Xigns premier Enterprise Order to Pay (EOP) service -- the Xign Payment Services Network (XPSN) -- streamlines the processes of order delivery, invoicing, and payment, and monetizes early payment discounts across virtually all corporate spend. With the XPSN, organizations can reduce EOP processing costs and cycle times, accelerate early payment discount capture, strengthen supplier relationships, and achieve a rapid return on investment (ROI). Xign studies of more than 35 Fortune 1000 companies show that EOP automation can deliver a minimum ROI of $9 million over 3 years for every $1 billion in spend. Charter One chose the Xign service to increase accounts payable efficiency, lower operating costs and, for the first time, capture early payment discounts. By providing Xign invoice workflow to hundreds of users, the bank will 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.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce