JP Morgan’s commercial card solutions unit has announced new investment plans in an effort to increase benefits for its users.
The bank will integrate its accounts payable (AP) automation platform with its trade finance platform, as well as investing in its Single-Use Accounts (SUA) solution to increase benefits for both buyers and suppliers.
“Our SUA offering is a cornerstone of JP Morgan’s AP portfolio,” said David Peraino, managing director for B2B Payment Solutions at JP Morgan.
“Clients are realising the true value of an electronic card solution: an efficient, low cost alternative to paper cheques that offers rebates as well as excellent spend visibility and tracking,”
JP Morgan has recently released a revised comprehensive version of the electronic payable system-SUA that offers new features. Customers can use SUA to streamline the AP process by providing an electronic replacement for paper cheque payments. The system can also be used for a number of business activities.