JPMorgan’s electronic invoice and payments
service Order-to-Pay has been heaped with accolades in a study
undertaken by research firm Forrester Research.
service Order-to-Pay has been heaped with accolades in a study
undertaken by research firm Forrester Research.
Designed to assess the state of the market for
corporate accounts payable electronic invoice presentment and
payment solutions, the study evaluated 10 vendors across 78
criteria.
corporate accounts payable electronic invoice presentment and
payment solutions, the study evaluated 10 vendors across 78
criteria.
In the study, the JPMorgan service achieved the
top scores in the categories of invoice management, value delivery
and invoice-driven financial optimisation. JPMorgan also received
the highest possible scores in the ‘value delivery’ and ‘financial
resources to pursue strategy’ categories.
top scores in the categories of invoice management, value delivery
and invoice-driven financial optimisation. JPMorgan also received
the highest possible scores in the ‘value delivery’ and ‘financial
resources to pursue strategy’ categories.
Commenting on the latter category, Rich Erario,
JPMorgan MD for commercial card and electronic procurement,
invoicing and payables, said the scores acknowledged the value of
the strong financial backing required to “execute against a product
strategy and ensure viability over the long-term”.
JPMorgan MD for commercial card and electronic procurement,
invoicing and payables, said the scores acknowledged the value of
the strong financial backing required to “execute against a product
strategy and ensure viability over the long-term”.
JPMorgan’s Order-to-Pay service enables
customers to automate electronic purchase order delivery, invoicing
and payments across a shared network of more than 60,000 global
suppliers.
customers to automate electronic purchase order delivery, invoicing
and payments across a shared network of more than 60,000 global
suppliers.
According to JPMorgan, clients of the service
achieve a range of profit-enhancing improvements, including
reductions in settlement-related operating costs of 50 percent or
more.
achieve a range of profit-enhancing improvements, including
reductions in settlement-related operating costs of 50 percent or
more.
In addition, top-performing service users are
achieving on-time payment performance of up to 98 percent and
achieving early payment discounts on 36 percent of expenditure. The
solution also reduces fraud and validates invoices before
processing through automated invoice management.
achieving on-time payment performance of up to 98 percent and
achieving early payment discounts on 36 percent of expenditure. The
solution also reduces fraud and validates invoices before
processing through automated invoice management.
The Order-to-Pay service was developed by Xign
Corporation and was first offered by JPMorgan in October 2003. In
April 2007 JPMorgan acquired Xign and merged it with the commercial
card and procurement businesses of its Treasury Services
unit.
Corporation and was first offered by JPMorgan in October 2003. In
April 2007 JPMorgan acquired Xign and merged it with the commercial
card and procurement businesses of its Treasury Services
unit.
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