JP Morgan Expands in Canada with Launch of Single-use Accounts
JP Morgan is expanding its focus on the Canadian corporate market with the launch of its single-use accounts (SUA) solution. The SUA is a fraud-reducing, cost-efficient virtual card payment method for processing supplier payments. By providing unique, one-time use credit card numbers for each payment, SUA is designed to streamline the payment process and help improve cash flow for both buyers and suppliers. Clients are able to increase the financial rebates associated with credit card payments, further improve payment security, pay vendors more quickly and continue to reduce paper-based payment processes.
“With more than 45 years in the Canadian market, JP Morgan has successfully delivered proven products that help corporations improve their purchasing, accounts payable and treasury operations,” said Andrew Pilkington, president, global commercial card, JP Morgan. “As the majority of procurement payments are still made with paper cheques in North America, SUAs deliver a great opportunity for businesses operating in Canada to further improve their payables processes while reaping greater financial reward.”