Xign, United Rentals, Shared Service, Accounts Payable
Xign to transform United Rentals' Shared Service AP center
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Xign Corporation, the leading provider of on-demand Order to Pay software, today announced that it has been selected by United Rentals to automate the equipment rental company's 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. Accelerating the settlement cycle with Xign optimizes working capital to the benefit of both buyers and suppliers. Xign also delivers compelling value to suppliers, including real-time transaction visibility, delivery of detailed remittance information with every electronic payment, no transaction fees, and the opportunity to get paid faster.
"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."
"United Rentals is another example of an organization that is making Order to Pay automation one of the cornerstones of a corporate initiative to streamline business operations," said Tom Glassanos, Xign president and chief executive officer. "With the proven ability to lower costs, maximize early payment discounts, and enhance regulatory compliance, Xign's on-demand service is something that any Shared Services organization should consider."
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