JPMorgan Launches Accounts Payable Service
JPMorgan has launched Total Settlement, an electronic payment solution that helps businesses simplify the payment of supplier invoices and lay the foundation for complete order-to-pay automation.
Total Settlement consolidates automated clearing house (ACH), commercial card, wire, and standard paper cheque payments in a single file, eliminating the extra effort in accounts payable (A/P) involved with processing multiple payment types. A self-service web portal for suppliers provides valuable payment status information, remittance details and allows suppliers to maintain their own contact and payment-related information.
With Total Settlement, organisations can streamline payment processing with more than 75,000 suppliers in the JPMorgan Business Settlement Network, with little to no enrolment effort.
“JPMorgan’s Total Settlement is an ideal solution for organisations looking to eliminate paper from their treasury operations and automate their entire accounts payable operations in a phased approach,” said David Peraino, order-to-pay product executive, JPMorgan Treasury Services. “By focusing on payments as a first step, clients can target an area ripe for productivity improvement while taking advantage of incentives to ramp up their commercial card programmes. Organisations can then expand into electronic invoicing and early payment discount programmes to drive substantial additional cost savings and optimise their working capital.”