J.P. Morgan Payments partnered with BillingPlatform, an enterprise revenue lifecycle management platform, to streamline billing processes for J.P. Morgan’s Treasury Services and Trade Finance businesses.
The integration of BillingPlatform’s flexible cloud-based solutions within J.P. Morgan’s ecosystem will enable more efficient servicing of billing needs across the company’s business units, the companies said in a Wednesday (Nov. 1) press release.
“Our partnership with BillingPlatform provides us with a configurable solution that fits into our broader revenue lifecycle ecosystem to help us meet our complex billing needs, initially for our Treasury Services and Trade Finance business,” Jill Jensen, managing director of J.P. Morgan Payments Technology, said in the release. “BillingPlatform will be an integral part of our transformation to streamline the customer experience.”
BillingPlatform serves global customers across various industries, including software, finance, media and entertainment, and communications, according to the release.
The platform “enables enterprises to monetize any type of product offering, from simple subscriptions to sophisticated usage-based pricing models,” the release said. It “provides full lifecycle support of the monetization process,” including product setup, quoting, billing and invoicing, revenue recognition, payment and collections, all on a single, secure cloud platform.
“Whether it is through system consolidation, process automation or accelerating the rollout of new products and services to drive revenue, we are excited to support J.P. Morgan in creating a frictionless journey for their customers,” BillingPlatform CEO Dennis Wall said in the release. “The J.P. Morgan agreement signals we have built a solution with unique digital transformation value to enterprises of all sizes.”
BillingPlatform’s solutions are designed to solve a variety of pain points that businesses encounter in billing, Wall told PYMNTS in an interview posted in January 2022. These challenges include technology shortcomings, manual intervention, the integration of different billing systems and challenges with revenue recognition.
“So, if you’re now capturing all your billing information in one place — you’re automating the flow of that and applying rules to that data that enables you to recognize that revenue in a seamless fashion — you’re really starting to create some meaningful efficiency as well as meaningful insight into the business,” Wall said.
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