JP Morgan has advanced its commercial card expansion initiative in Europe, the Middle East and Africa to provide corporate clients with visibility and flexibility on spending and expenses in today’s challenging economic environment. Reportedly, as part of its continued investment in its global Treasury Services business, JP Morgan has introduced several new commercial card product offerings and service enhancements in the region, while a number of new product offerings are due to launch early next year.
JP Morgan has claimed that its corporate card programs are supported by online tools that provide companies with reporting capabilities, flexibility and program controls. From one online system, card administrators can order new cards, modify spending limits, instantly adjust cardholder profiles and monitor corporate compliance. Users also have access to more than 70 standard reports that provide the transaction detail needed, including vendor analysis, unusual activity analysis, hotel spending, car rental spending, and delinquency reports. In addition, cardholders can view their statements and authorizations online.
Reportedly, new products and service enhancements introduced this year include: Executive Card, for the frequent corporate traveller who requires premium benefits and services including VIP airport lounge access, VIP Luggage Delivery, concierge services, travel accident and lost luggage insurance coverage, and emergency medical and dental coverage; Prepaid Cash Card in British Pounds and Euro; Information and management reporting in over 15 languages; Local language enhancements in Europe including statements, applications, and telephony. New languages added include French, German, Italian and Spanish; and increased card program coverage, which grew more than two-fold and is now available in 95 countries and 28 currencies.
Alan Koenigsberg, head of Treasury Services’ International Commercial Card and E-invoicing businesses at JP Morgan, said: “We are committed to investing in our commercial card globally so our card services are as transparent and flexible as possible, and will continue to build on the product and service enhancements we’ve already made this year to ensure our services evolve to meet the changing needs of our clients.”
