JP Morgan sees value in auto accounts processing
(30 March 2011 – Global) JP Morgan has announced that it has introduced new functionality to its Order-to-Pay solution to help suppliers more easily connect to its growing network of more than 100,000 buyers and suppliers.
The bank said that its global Order-to-Pay e-invoicing and payment processing (EIPP) network grew nearly 30 percent in the past year, indicating that businesses are increasingly seeing the value in automating accounts payable processes.
Recently the bank 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 specialized 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 size suppliers, Auto-Configuration E-File enables suppliers to load invoice files directly from their current billing system, versus having to enter them one-by-one, minimizing keystroke errors and increasing the efficiency with which suppliers can transact with their buyers.
'JP Morgan continues to strengthen its commitment to Order-to-Pay 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, J.P. 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.'
Recently the bank 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 specialized 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 size suppliers, Auto-Configuration E-File enables suppliers to load invoice files directly from their current billing system, versus having to enter them one-by-one, minimizing keystroke errors and increasing the efficiency with which suppliers can transact with their buyers.
'JP Morgan continues to strengthen its commitment to Order-to-Pay 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, J.P. 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.'
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