JPMorgan Chase is the latest financial institution to team up with a B2B payments FinTech.
Reports Tuesday (Sept. 19) announced news that JPMorgan is partnering with Bill.com to integrate its B2B payments technology into its own Chase platforms early next year. They include electronic invoicing (eInvoicing) and other cash management solutions, with JPMorgan noting that the technology could help its business customers save up to 50 percent of the time they spend manually paying bills.
According to JPMorgan, the integration will also link its corporate users on Chase to the 2.5 million members of the Bill.com network to send and receive payments and invoices, manage invoices and documents and integrate information into their own accounting software.
“Being the easiest bank to work with includes finding ways to help businesses move toward digital automation and quicker time to money,” said JPMorgan’s CEO of Business Banking Andrew Kresse in a statement. “This solution does just that and truly adds value by offering back something every business owner needs a little more of: time in their day.”
“We’re thrilled to work with JPMorgan Chase to reengineer how businesses pay and get paid,” added Bill.com founder and CEO René Lacerte in another statement. “Chase clients will be able to say goodbye to sending and receiving paper checks and hello to a new era of time and cost savings.”
In addition to integrating Bill.com’s eInvoicing and accounting software technologies, JPMorgan said it also provided a strategic investment in the FinTech, though the company did not reveal how much. The FI said the investment is part of a bigger effort to strengthen partnerships with other financial services players.
It’s not JPMorgan’s first FinTech partnership in its effort to boost B2B services. Earlier this year, the FI extended its partnership with alternative SMB lender OnDeck, planning for another four years of JPMorgan facilitating small business loans via the OnDeck platform.