JP Morgan has teamed up with Visa and Billtrust to streamline B2B payments for its commercial card clients.
The American banking major will utilise Billtrust’s Business Payments Network (BPN) to facilitate electronic B2B payment deliveries.
The move will enable participating clients to leverage BPN’s connected platform of suppliers to send and receive digital payments swiftly.
Since its launch, BPN platform has automated nearly $2bn in virtual card payments for participating suppliers.
The BPN platform reduces the need of manual data entries and invoice matching against suppliers’ outstanding dues.
In 2017, Visa and Billtrust teamed up to streamline B2B virtual card acceptance for financial organisations and their corporate clients.
Visa Business Solutions global head Kevin Phalen said: “Since announcing BPN last year, we have received very positive feedback from financial institutions and are pleased to have JP Morgan as our first issuer using the platform.
“As the leader in B2B digital payments, we are on track to surpass $1 trillion in payment volume this year and will continue to find new ways to integrate digital payments into B2B payment flows.”
JP Morgan head of commercial card John Skinner said: “BPN’s offering is a great fit for JP Morgan’s Commercial Card clients and their suppliers.
“As we continue to invest in our Single-Use Accounts (SM) solution and partner with innovative, industry-leading providers, such as Visa and Billtrust, joining the network was a natural step in our roadmap.”