Commercial Cards Help Expense Management, According to JPMorgan
JPMorgan’s Treasury Services business is helping its clients in Europe, Canada and the US improve visibility on their expenses with commercial cards by providing them with detailed reports to consolidate and analyse their spending. This service is delivered via web-based management information tools. In addition to spending analysis, the data enables clients to negotiate better pricing with their vendors and reduce risk.
“This level of detail is a powerful tool, especially in the current economic environment,” said Alan Koenigsberg, product executive, international commercial cards at JPMorgan. “Companies are looking for every opportunity to increase visibility on expenses and to reduce costs. Current market conditions are driving them to take a fresh look at their spending and how to be more efficient.” In addition, the single euro payments area (SEPA) across the eurozone countries is driving further efficiencies in the European payments market, including cards, which will help companies save money.