JP Morgan's O2P Network Crosses 100,000 Supplier Threshold
JP Morgan has introduced new functionality to its order-to-pay (O2P) solution to help suppliers more easily connect to its growing network of more than 100,000 buyers and suppliers. JP Morgan said that its global O2P electronic invoicing (e-invoicing) and payment processing (EIPP) network grew nearly 30% in the past year, indicating that businesses are increasingly seeing the value in automating accounts payable (A/P) processes.
Recently JP Morgan launched a new patent-pending e-invoicing functionality for suppliers, called Auto-configuration E-file, which enables suppliers to eliminate upfront implementation costs and bypass the need for specialised IT skills. Using Auto-configuration E-file, suppliers can quickly begin to interact with their buyers in an automated fashion. Designed primarily for small and medium-sized suppliers, the solution enables suppliers to load invoice files directly from their current billing system, versus having to enter them individually, minimising keystroke errors and increasing the efficiency with which suppliers can transact with their buyers.
“JP Morgan continues to strengthen its commitment to O2P suppliers by offering improved support and more choices in how they transact with buyers. The diversity of options we offer to suppliers to connect to the network is key to making it accessible for small and large suppliers alike,” said Eduardo Vergara, global commercial card executive, JP Morgan. “The significant growth of suppliers participating in our network is due, in part, to the ease and choice of connectivity we provide to suppliers.”