Chase Rolls Out New Card Offerings for Mid-sized Companies
Chase has launched new commercial card payment solutions and capabilities for its mid-market corporate client base. Chase is introducing single-use accounts technology to middle market businesses and offering new online reporting and programme management capabilities. The bank also has revamped its mid-market corporate rewards programme and introduced a streamlined executive card programme.
“These improvements provide payment solutions to help mid-sized businesses control costs, improve working capital, streamline accounts payable processes and improve visibility into spending,” said Eduardo Vergara, global commercial card executive, JP Morgan Chase Businesses. “As a banking partner, Chase also provides an integrated reporting solution, compelling rebates and strong card acceptance, while ensuring that cardholders are served well.”
Chase has developed a single-use accounts or ‘virtual card’ solution that enables mid-market clients to automatically generate one-time-use-only credit card numbers to pay for larger, single purchases. Unlike other single-use offerings, Chase has integrated the solution with its own in-house order-to-pay network and user interface to enable programme administrators to leverage additional value from advanced workflow tools, electronic invoicing and settlement capabilities. The solution is available in four currencies.
New Reporting and Programme Management Capabilities
Chase is migrating its middle market commercial card clients to MasterCard’s upgraded smartdata.gen reporting platform. This new online programme management and reporting tool helps clients organise, consolidate, analyse and manage financial data from card transactions. The upgraded platform delivers online billing statements, receipt imaging capabilities, new online card application, and an enhanced expense reporting solution. The platform also will deliver online payment capabilities and improved fraud monitoring tools in the near future. The platform helps businesses better manage expenditures, control costs, boost productivity and improve compliance.