US banking group JP Morgan has made an investment in Indian firm Global PayEx, which focuses on B2B payments and Electronics Invoice Presentment & Payment (EIPP).
Payment terms were not divulged.
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Welcoming the development, Global PayEx CEO Brij Sharma said: “This investment is a logical evolution of our existing strong partnership with world’s leading financial institutions such as J.P. Morgan. It clearly helps us extend our footprint to the global markets in the Far East, Middle East, Europe and the United States.”
Freepay- the cloud platform of Global PayEx- is said to digitise various processes in the order-to-cash cycle.
The cloud platform has been live for more than three years.
Leveraging Freepay, users can share invoices electronically and manage payments.
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By GlobalDataFreepay can also be utilised for transaction data management of B2B buyers and sellers.
Powered by the analytics used in the platform, one can track payment status and gain insights on receivables collection.
JP Morgan chairman of South and Southeast Asia Kalpana Morparia said: “Our strategic investment in Global PayEx is a significant step towards working with our clients in a more nimble way and enhancing their experience at every interaction.
“This partnership will provide complementary solutions to our existing suite of financial services and help clients build a robust digital payment ecosystem.”
