India-based Global PayEx has announced a strategic investment by JPMorgan, reports in Business Standard said Monday (May 13).
JPMorgan will also connect its own corporate customers with Global PayEx solutions, which include electronic invoice presentment and payment (EIPP) and B2B payments tools. The company operates the Freepay platform that streamlines sharing of electronic invoices and facilitates electronic payments between corporate buyers and sellers.
“This investment is a great example of our commitment to address our clients' specific concerns in the B2B payments space, which continues to grow at an exponential pace,” said JPMorgan Head of Wholesale Payments for Asia Pacific Sridhar Kanthadai in a statement.
In addition to invoice presentment and payment, Freepay enables real-time visibility and analytics of B2B transactions for cash management and optimization.
“Global PayEx is helping redefine the B2B payments and receivables management [space] in India and we are encouraged to see Freepay servicing a fast-growing list of global and Indian companies in almost every sector, which includes 30 live clients and over 100 active prospects across multiple geographies,” added Global PayEx Founder Mohan Krishnan in another statement.
The companies did not reveal how much JPMorgan is investing in Global PayEx.
JPMorgan's investment in the B2B payments company follows last week's announcement that the financial institution is integrating virtual commercial card technology from Bora Payment Systems to encourage commercial card adoption in B2B transactions and ease adoption for vendors.
In 2017 the institution announced a collaboration with another B2B payments startup, Bill.com, by integrating its technology into its Chase platforms. That tie-up added electronic invoicing and cash management features of Chase's offering.
Earlier this year JPMorgan revealed plans to consolidate its corporate financial services offerings, merging Chase Merchant Services, which services small businesses, with its Corporate and Investment Bank's Treasury Services unit. Reports in the Financial Times at the time cited an internal memo, which noted a continued focus for the institution on digital payment partnerships.