Spend management and procurement firm JAGGAER is collaborating with JPMorgan to develop an integrated Single-Use Accounts virtual commercial card, the companies said in a press release Thursday (July 18).
The virtual card solution will integrate with JAGGAER’s ONE spend management platform to streamline payments and spend management in a single solution. The firms expect their co-developed virtual card to be available in the fourth quarter of the year, during which JPMorgan’s Single-Use Accounts technology will be linked into the ONE solution.
In addition to connecting business users with a holistic view of procurement spend, the integration will allow companies to capture rebates while streamlining reconciliation processes.
“JAGGAER was the obvious partner to bring this important service to our shared customer base, with their deep experience in education and public sector and their penetration into multiple commercial industries,” said John Skinner, JPMorgan head of Commercial Card in the release. “Together we will be providing a new level of automation and control, helping manage everything from tail spend to recurring POs.”
Earlier this month JAGGAER announced that private equity firm Cinven had reached a deal to acquire a stake in the company alongside existing shareholder Accel-KKR, valuing JAGGAER at about $1.5 billion. At the time, Cinven Senior Principal Michael Korzinstone said the spend management firm would focus on expansion in North America, Europe, the Middle East and Africa.
The investment followed 2016’s deal with Accel-KKR and JAGGAER, known as SciQuest at the time, which valued the firm at about $500 million. JAGGAER eventually went on to acquire BravoSolution and Italmobiliare to become the “largest independent, vertically focused spend management solutions company in the world.”
JPMorgan, meanwhile, has been pressing for virtual card adoption in B2B payments. Earlier this year, the firm announced an integration with Coupa Pay, enabling the financial institution to integrate its Single-Use Accounts virtual card into the Coupa Virtual Cards for Purchase Orders offering.