JPMorgan has announced a strategic collaboration with Bora Payment Systems to support adoption of virtual cards for B2B landscape.
Bora’s payment processing platform, called Payer Direct Hub (PDH), will automate delivery of JP Morgan’s Single Use Accounts payments that are linked to virtual card transaction.
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The patented platform enables straight-through transaction processing and remittance posting of virtual card payments to suppliers. Due to streamlining of the accounts receivables process, vendors will be able to accept virtual card payments from their corporate clients. Further, this platform will help slash down labour costs and boost cash flow.
The bank’s clients will be able to speed up SUA programme growth due to increase in supplier adoption of virtual card payments.
JPMorgan head of Commercial Card Molly Walsh said: “With this innovative collaboration, SUA clients gain a powerful new tool for supplier access and retention.
“The benefits delivered by PDH in conjunction with JPMorgan’s exceptional commercial card capabilities, give the most discerning and valuable suppliers quantifiable reasons to accept card payments.
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By GlobalData“The Bora collaboration further illustrates J.P. Morgan’s commitment to providing creative solutions that deliver enhanced benefits for our commercial card clients and their suppliers.”
“Together, this powerful organization, which already includes our Trade Finance and Commercial Card business, will continue to develop our own worldwide payment capabilities, and partner with digital payment companies looking to expand in the U.S. and internationally.”
Earlier this year, the American bank announced its plans to combine its Chase Merchant Services with its Corporate and Investment Bank’s Treasury Services.
