The new Procure-to-Pay services are an extension of JPMorgan Xign's existing hosted Order-to-Pay services, which allow companies to automate electronic purchase order delivery, invoicing, and payments across JPMorgan's proprietary business settlement network of more than 55,000 suppliers.
The new Procure-to-Pay services tie companies' procurement operations and accounts payable systems onto a single platform, said Christopher Rauen, a JPMorgan Xign VP, in an interview.
So, instead of having a hand-off in processes and systems between procuring products through suppliers' catalogs and paying -- or settling -- for those purchases, the Procure-To-Pay services provide a seamless link between those applications.
As an extension to Order-to-Pay, Procure-to-Pay services "go back one step earlier in the ordering process," by automating catalog, contract, and special requests to suppliers.
JPMorgan acquired Xign in May. JPMorgan Xign also disclosed that since then, four new large customers have signed on to use Order-to-Pay -- Key Energy Services, Qwest Communications, Tiffany & Co., and Verizon Communications -- bringing the tally up to about 50 companies.