Business spend management solutions provider Coupa Software has partnered with JP Morgan to offer a virtual card as a quick and secure approach for payment management.
As part of the agreement, businesses will be able to use Coupa Pay payment management platform with JP Morgan’s Single-Use Accounts (SUA), virtual card, solution.
Users can purchase a virtual card via Coupa, which will generate a unique SUA credit card number for authorised supplier and amount.
Furthermore, Coupa will automatically reconcile the resulting charges and statements back to the purchase order.
The virtual card also allows businesses to pay suppliers upfront, thereby not affecting cash flow or tying up capital.
Coupa Software senior vice president of business acceleration Ravi Thakur said: “We’re excited to partner with JP Morgan as a card issuer of our virtual card solution to provide businesses with greater visibility and control into their payments process.
“As an established and innovative financial services company, their expertise and solutions will offer our customers tremendous value to ensure they’re transacting not only simpler, but smarter.”
JP Morgan head of client management for commercial card John Skinner said: “Our partnership with Coupa is a win-win. It’s a win for our clients who will gain greater insight into their spend, increased control and security, and automated reconciliation.
“It’s also a win for suppliers who will be paid faster, experience a streamlined Accounts Receivable process, and receive better data for reconciliation.”