Pleasanton, Calif.-based Xign Corporation, a provider of on-demand order-to-pay software, last week announced that it was selected by United Rentals to automate its accounts payable operations.
United Rentals' accounts payable activities are handled through its Shared Services departments in Burlington, N.J., and Kitchener, Ontario. The Xign solution will shorten payables cycle from weeks to days, offer United Rentals' suppliers self-service invoicing and payment status capabilities, and reduce corporate spend by maximizing early payment discount opportunities.
Xign provides a complete service for managing the electronic transmission of purchase orders, invoices, and payments across the Internet. By shifting from paper to an electronic payables process, organizations can reduce their financial settlement costs by more than 50 percent while greatly enhancing visibility and control for Sarbanes-Oxley compliance.
"Xign's solution will strengthen our relationship with large and small suppliers by accelerating order, invoice, and payment processing," said Robert Simon, director of Shared Services at United Rentals. "We will be able to pay our suppliers sooner and more effectively capture early payment discounts."
