JPMorgan Chase Closes Acquisition of Xign.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. Bank, N.A. (NYSE NYSE See: New York Stock Exchange : JPM JPM J. P. Morgan Chase & Co. (stock symbol) JPM Juan Pablo Montoya (formula 1 driver) JPM Jabatan Perdana Menteri (Malaysia) JPM Journal of Property Management ) today announced the closing of its acquisition of Xign Corporation, a leading provider of business-to-business on-demand financial settlement solutions. The business will be known as JPMorgan Xign Corporation. Under the Agreement and Plan of Merger, JPMorgan Chase has acquired the capital stock of Xign and the company's technology, services and Order-to-Pay domain expertise. Terms have not been disclosed. JPMorgan Chase has worked with Xign to offer its Order-to-Pay solution set since October 2003, enabling customers to automate electronic purchase order delivery, invoicing and payments across Xign's global settlement network of more than 40,000 suppliers. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Richard Erario, senior vice president and business executive for Commercial Cards and Procurement Services at JPMorgan Chase, "The modular nature of the JPMorgan Xign solution enables organizations of different sizes across different industries to automate all or parts of their invoicing and settlement processes and thereby drive significant efficiencies and working capital improvements that simply are out of reach with traditional processes." The acquisition will further JPMorgan Chase's leadership in the Order-to-Pay space as Xign capabilities are more fully integrated into JPMorgan Chase's existing suite of payables solutions and future products are developed. These newly integrated capabilities will enable organizations to transform their financial settlement operations from inefficient, paper-bound activities to streamlined, electronic processes. In addition to dramatically reducing financial settlement processing costs and cycle time, these capabilities will expand early payment discount opportunities, strengthen supplier relationships, and deliver a rapid return on investment. About JPMorgan Chase Treasury Services Treasury services is a function of an investment bank which provides transaction, investment and information services for chief financial officers, treasurers. Treasury services concentrates and invests client money, and provides trade finance and logistics solutions as well as The Treasury Services business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 36 countries, JPMorgan Chase Treasury Services is the world's largest provider of treasury management services. More information can be found at www.jpmorganchase.com/ts. About JPMorgan Chase JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. , asset and wealth management, and private equity. A component of the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. , JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com. |
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