Coupa has announced another bank partner to join its recently launched suite of B2B payments solutions known as Coupa Pay.
Coupa Software and JPMorgan announced on Tuesday (Jan. 22) that they are now working together to integrate JPMorgan's Single-Use Accounts (SUA) virtual cards into the Coupa Virtual Cards for Purchase Orders offering, part of the Coupa Pay suite.
With JPMorgan issuing virtual cards in the Coupa Pay solution, companies can request a single-use virtual card by integrating a purchase order into the Coupa platform. The card number is automatically generated once the PO is approved, with payment only made for the designated supplier and amount. The Coupa Pay solution also includes automated reconciliation with the initial purchase order, the companies noted in the press release.
"We're excited to partner with JPMorgan as a card issuer of our virtual card solution to provide businesses with greater visibility and control into their payments process," said Coupa Senior VP of Business Acceleration Ravi Thakur in a statement. "As an established and innovative financial services company, their expertise and solutions will offer our customers tremendous value to ensure they're transacting not only simpler, but smarter."
In another statement, JPMorgan Head of Client Management for Commercial Cards John Skinner said the integration will enable corporate users to gain deeper insight into their spend, control and security over payments, as well as increased efficiency in the reconciliation process. Companies can pay suppliers earlier while still obtaining capital float, he added.
JPMorgan is the second card issuer to join the Coupa Pay solution. When the suite of offerings was announced in November, Coupa said Barclaycard had joined the initiative as another issuer of virtual cards.
The launch of Coupa Pay includes the rollout of the Coupa Supply Chain Finance (SCF) solution, which allows businesses to link their suppliers to third-party financing to fill in cash flow gaps as they wait for invoices to be paid.