JPMorgan is collaborating with Bora Payment Systems in an initiative that will support the adoption of virtual cards in the B2B payments landscape.
An announcement made this week said JPMorgan will integrate Bora's payments processing technology to automate delivery of the bank's Single Use Accounts payments, which are linked to virtual card transactions. Using Bora's Payer Direct Hub (PDH) platform, JPMorgan will integrate straight through transaction processing and remittance posting when clients pay their vendors using a virtual card.
The companies said their collaboration will help vendors accept virtual card payments from their corporate customers by streamlining accounts receivable processes.
"With this innovative collaboration, SUA clients gain a powerful new tool for supplier access and retention," explained JPMorgan Head of Commercial Card Molly Walsh in a statement. "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."
Walsh added, 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."
Virtual and commercial card adoption is on the rise, but can be stifled by a lack of acceptance among vendors, which cite the costs and administrative burden of accepting the payment tool.
Earlier this year JPMorgan announced plans to consolidate its small business and enterprise financial services solutions, combining Chase Merchant Services with its Corporate and Investment Bank's Treasury Services. Together, the merged assets are now known as the Wholesale Payments unit. At that time, Co-President and Chief Operating Officer Daniel Pinto alluded to the bank's focus on collaboration to bolster its corporate payment offerings.
"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," he said in a memo.