JPMorgan has announced the launch of ‘Total Settlement’, an electronic payment solution that assists businesses to simplify the payment of supplier invoices, and tp complete order-to-pay automation.
The bank has said that the solution consolidates Automated Clearing House (ACH), commercial card, wire, and standard paper check payments in to a single file. A self-service web portal for suppliers that provides payment status information, remittance details and allows suppliers to maintain their own contact and payment-related information.
The bank has further claimed that with Total Settlement, organizations can streamline payment processing with more than 75,000 suppliers in the JP Morgan Business Settlement Network. The JP Morgan Supplier Services team can provide assistance to recruit new suppliers into the network and expand the value of any check-to-electronic payment initiative.
David Peraino, order-to-pay product executive, JPMorgan Treasury Services, said: “JP Morgan’s Total Settlement is solution for organizations looking to eliminate paper from their treasury operations and automate their entire accounts payable operations in a phased approach. 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 programs. Organizations can then expand into electronic invoicing and early payment discount programs to drive substantial additional cost savings and optimize their working capital.”
