JPMORGAN AND XIGN TO DELIVER B2B E-PAYABLES SOLUTION

Electronic Invoice, Payment and Discount Management Solution Automates Processing of Accounts Payables, Reduces Processing and Working Capital Costs, and Achieves Rapid ROI

NEW YORK, November 3, 2003 - JPMorgan Treasury Services, a unit of JPMorgan Chase and a leader in global payment, trade finance and treasury management, today announced a unique relationship with Xign Corporation to provide an E-Payables solution for the financial settlement of business-to-business commerce. JPMorgan and Xign, a leading provider of E-Payables solutions, will offer a global electronic invoice and payment service that streamlines the processing of accounts payable via the Internet, delivering significant efficiencies, cost savings and a rapid return on investment.

“Through this alliance, JPMorgan will offer organizations a robust, user-friendly, and fully integrated electronic accounts payable solution that may be combined with our top-tier controlled disbursement, purchasing card, and payables discounting solutions, all from a single source bank provider,” stated Richard J. Erario, senior vice president and business executive for Electronic Billing and Commercial Card initiatives for JPMorgan Treasury Services. "Clients also will gain the considerable benefits of JPMorgan’s financial integrity, security and disaster recovery expertise. Over the past five years, JPMorgan Treasury Services has pioneered technologically advanced solutions that migrate paper to electronic processes, and through this solution we are furthering our commitment to being a world-class e-commerce leader."

The Xign Payment Services Network is a comprehensive electronic invoice and payment service with over 10,000 participating suppliers that automates all the core functions of the accounts payable process, including invoice receipt, validation, routing, dispute management, approval, payment initiation, and posting. This Web-based solution will deliver unprecedented cost savings and operational efficiency across the business settlement process. With exceptionally high adoption rates facilitated by user-friendly interfaces and the growing supplier network, customers typically can expect a strong return-on-investment within the first year.

"We view this alliance with JPMorgan as an important validation of the Xign concept," explained Tom Glassanos, president and CEO of Xign Corporation. "Xign has always considered banks to be a logical channel for reaching clients, and JPMorgan is one of the premier disbursing banks in the world. Through this offering, JPMorgan can extend their portfolio of services and continue to improve the business processes presented to their corporate clients."

Key benefits of this E-Payables solution include:

- Lower accounts payable processing costs through front-end paper to electronic invoice conversion, elimination of data entry and manual routing
- Complete automation of the invoice to payment cycle
- Online supplier visibility into the invoice approval and payment process
- Supplier self-service maintenance of banking information to facilitate migration from paper check to electronic payments
- Workflow routing and approval with line item dispute resolution
- Greater ability to capture new supplier discounts plus the ability to increase the likelihood that suppliers will accept new or improved discount terms

Additionally, JPMorgan’s introduction of its Payables Discounting product in the US - the ability for a buyer to extend its payment terms while offering suppliers the ability to get paid early – is a natural extension of an automated front-end Accounts Payables invoice receipt and approval process.
This alliance combines the strength of a leading global treasury management bank with the leading payables automation technology in the market to deliver an unsurpassed solution that maximizes payables automation with best practices in working capital management.

Press Contacts:
John Johmann
JPMorgan Treasury Services
212) 552-9377

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