Visa (NYSE:V) and Billtrust today announced that J.P. Morgan will utilize Billtrust’s Business Payments Network (BPN), streamlining the delivery of electronic B2B payments for J.P. Morgan Commercial Card clients. Participating clients will now be able to utilize BPN’s connected platform of suppliers to send and receive digital payments more efficiently and quickly.
According to Levvel Research, more than half (57%) of all organizations still use manual data entry, and 71% of companies say manual data entry and inefficient processes are pain points for accounts payable. These outdated processes take valuable time and increase the potential for costly errors.
Since launching BPN, Billtrust has automated almost two billion dollars in virtual card payments for suppliers participating in BPN. Traditionally routed through email, automating these payments through BPN eliminate paper waste and over 55,000 hours of manual data entry, processing and invoice matching against suppliers’ outstanding invoices.
“Since announcing BPN last year, we have received very positive feedback from financial institutions and are pleased to have J.P. Morgan as our first issuer using the platform,” said Kevin Phalen, global head, Visa Business Solutions. “As the leader in B2B digital payments, we are on track to surpass $1 trillion in payment volume this year and will continue to find new ways to integrate digital payments into B2B payment flows.”
Visa recently collaborated with Billtrust to launch BPN in an effort to redefine digital B2B payments and address current industry challenges by providing a connected platform for buyers as they deliver digital payments directly to their suppliers’ acceptance platforms. BPN also enables complex financial and payment data to come together seamlessly at scale, while delivering streamlined reconciliation to suppliers and more quickly replenishing buyers’ credit lines.
“We are excited to welcome J.P. Morgan to BPN,” said Flint Lane, CEO, Billtrust. “As the Billtrust network continues to provide financial institutions, payables platforms and corporate buyers the ability to deliver digital payments directly to the suppliers’ preferred acceptance platforms, it is critical to have strong industry leaders and partners like Visa and J.P. Morgan at our side.”
“BPN’s offering is a great fit for J.P. Morgan’s Commercial Card clients and their suppliers,“ said John Skinner, head of Commercial Card, J.P. Morgan. ”As we continue to invest in our Single-Use Accounts (SM) solution and partner with innovative, industry-leading providers, such as Visa and Billtrust, joining the network was a natural step in our roadmap.”
Source: Company Press Release
