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JPMorgan Xign has announced a new Procure-to-Pay service for global financial supply-chain management. The offering combines JPMorgan's financial infrastructure, treasury services expertise and on-demand technology to help customers integrate their supply chain and financial operations. According to the company, the current gap between such operations limits visibility into business transactions and can place stress on buyer and supplier relationships. With the help of on-demand technology, customers can boost the efficiency of their procurement and payables processes, adding the necessary visibility to better manage working capital and mitigate fraud. The Procure-to-Pay service transforms procurement, invoicing, payment and working capital. It automates catalog, contract and special-request buying through a network of shared suppliers. It provides multiple electronic-invoice submission options, real-time invoice validation, approval workflow and imaging of paper invoices. Payment options span Automated Clearing House and corporate purchasing-card networks, wire and check printing. A future version of the product will incorporate a service for suppliers to automate order-to-cash operations, JPMorgan Xign said.
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